Pantera Capital Announces Investment in Layer-1 Blockchain Toncoin, Triggering Modest Price Jump for TON

Crypto asset supervisor Pantera Capital introduced on Thursday that it’s investing within the layer-1 altcoin TON, triggering a modest rally for the asset.

TON is the native token for a layer-1 blockchain initially developed by the encrypted messaging platform Telegram.

Telegram parted methods with the venture in 2020 following a authorized battle with the U.S. Securities and Trade Fee (SEC). The Open Community, an open-source neighborhood of builders, took over administration of the expertise that yr.

TON, nonetheless, can nonetheless be despatched by Telegram’s 700 million customers inside the platform with out getting into lengthy pockets addresses.

That connection to Telegram drove Pantera’s decision to spend money on the venture, in accordance with Ryan Barney, a associate on the crypto asset supervisor.

“We consider TON has the capability to introduce crypto to the plenty as a result of it’s used extensively inside the Telegram community. Telegram has over 900 million month-to-month lively customers on its future-facing, quick, and safe messaging platform that’s used for private and group communications, large-scale neighborhood constructing, content material sharing, and extra.

By leveraging Telegram’s huge person base and seamless UX with the vibrancy of TON’s rising ecosystem, we consider TON has the potential to turn into one of many largest crypto networks.”

TON went from buying and selling round $4.75 within the early morning hours on Friday to $5.16 at time of writing, a rise of greater than 8.5%.

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