- American hedge fund Pantera Capital invests an undisclosed amount in The Open Network (TON).
- Pantera Capital is confident about the network mainly because of its connection with Telegram.
- TON Network’s Toncoin (TON) surges 12% following Pantera Capital’s groundbreaking move.
In an official blog dated May 2, American hedge fund Pantera Capital announced its first investment in The Open Network (TON). Though the amount is undisclosed, the platform has shared its enthusiasm for investing in TON, which is mainly driven by its extensive use within Telegram.
Pantera Capital posited that TON can introduce crypto to a large public. The hedge fund’s statement is based on TON’s connection with Telegram, which boasts over 900 million monthly active users. The firm added, “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.”
Further, Pantera Capital went on to highlight their belief in Telegram to introduce cryptocurrencies to large masses and establish the crypto space. They asserted that Telegram is the only social platform “free from regulatory hurdles to incorporate Web3 for an open blockchain network.”
Notably, TON is a blockchain initiative built by Telegram. It is designed as a decentralized network capable of supporting multiple applications. The TON ecosystem is vast and includes TON Blockchain, TON Storage, TON DNS, and TON Services. Among these elements, the backbone of TON Network is TON Blockchain.
Ryan Barney, Senior Investment Associate and Investor at Pantera Capital, shared an X post revealing the firm’s initial investment in TON. He wrote, “We believe TON, which can leverage a network of 900 million monthly active users, can truly introduce crypto to the masses.”
Following Pantera Capital’s groundbreaking move, the TON network’s native token, Toncoin (TON), has surged by 12% over the last 24 hours. Currently trading at $5.32, TON has experienced a monthly increase of more than 7% despite a marginal decline of 0.65% over the last week.
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