Amidst claims of Pantera Capital’s record-breaking investment, the native token of the Open Network, Toncoin (TON), experienced a remarkable 13% surge on May 10. Pantera Capital, a leading crypto venture capital firm, hinted at backing the TON ecosystem with what it labeled as its “largest investment ever.”
Although the exact funding size remains undisclosed, speculation suggests it could surpass the $250 million mark, reminiscent of Pantera Capital’s previous strategic moves such as acquiring Solana (SOL) at a discounted rate. The firm expressed confidence in TON’s potential to revolutionize crypto adoption, citing its deep integration within the Telegram network as a key factor.
“By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks,” stated Pantera Capital.
The bullish sentiment surrounding TON propelled its price above $6.8, nearing the $7 milestone, which had previously marked its all-time high at $7.25, as per CoinMarketCap data.
Pantera Capital’s endorsement of TON coincides with Pavel Durov’s unveiling of new features at the Token2049 crypto conference in Dubai, signaling a strategic push towards integrating TON within the Telegram platform. Durov also hinted at plans to introduce crypto wallet integration for messenger users.
This surge in support for TON comes against the backdrop of regulatory challenges faced by Telegram, notably the SEC’s restraining order in October 2019, which halted the launch of its planned token, Gram. Despite regulatory setbacks, Telegram’s blockchain venture persisted, with Toncoin emerging as a pivotal component, even integrated into its advertising revenue-sharing system for channel owners.
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