Venture capital firms are pouring hundreds of millions of dollars into Toncoin (TON), a layer-1 blockchain. The TON Foundation, the project’s team, announced that the investment totals over $400 million.
Who’s Investing?
Some big names in the VC world are involved, including Sequoia Capital, Ribbit Capital, Benchmark, Kingsway Capital, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere Ventures, SkyBridge Capital, and Karatage.
Toncoin’s History
Originally developed by Telegram as the Telegram Open Network (TON), the project split from Telegram in 2020 after a legal dispute with the SEC. An open-source community, the Open Network Foundation, took over. Interestingly, despite the split, Toncoin can still be used within Telegram’s messaging app by its billion-plus users. In January, it even became the exclusive blockchain for Telegram’s Mini Apps.
Why the Investment?
Sequoia Capital partner Shaun Maguire highlighted the technology and Telegram’s massive user base as key reasons for their investment. He praised the TON team’s blend of consumer product expertise and crypto infrastructure knowledge.
Current Status
Toncoin is currently trading around $3.61, but it’s down slightly in the last 24 hours. It holds a spot among the top 15 cryptocurrencies by market capitalization.
Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
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