Investment Announcement
Crypto asset manager Pantera Capital has announced an investment in the layer-1 blockchain Toncoin. This news has led to a slight increase in the price of TON, the native token of the blockchain.
Toncoin’s Background
Toncoin was initially developed by the encrypted messaging platform Telegram. However, Telegram parted ways with the project in 2020 due to legal issues with the U.S. Securities and Exchange Commission (SEC). The Open Network, a community of developers, has since taken over management of the technology.
Pantera’s Rationale
Pantera’s decision to invest in Toncoin was driven by its connection to Telegram. The messaging platform has over 700 million users who can send TON without using complex wallet addresses.
Potential Impact
According to Ryan Barney, a partner at Pantera, Toncoin has the potential to introduce cryptocurrency to a wider audience due to its integration with Telegram. Pantera believes that the combination of Telegram’s user base and Toncoin’s growing ecosystem could make it a major player in the crypto market.
Price Reaction
Following the investment announcement, the price of TON rose from around $4.75 to $5.16, an increase of over 8.5%.
