Following a large investment from venture capital behemoth Pantera Capital, Toncoin (TON), the native cryptocurrency of the Telegram Open Network, is seeing explosive rise. The news gave the crypto market favorable signals, which drove TON’s price above 30% in the weekly period and rekindled investor interest for the project.
Pantera Bets Big On TON’s Mass Adoption Potential
Leader in blockchain investments Pantera Capital has taken a big risk on the Toncoin ecosystem. Industry rumors indicate the precise investment amount is unknown, but it could be more than the $250 million Pantera paid on discounted Solana (SOL) tokens previous year. This calculated risk highlights Pantera’s conviction about TON’s possible mainstream cryptocurrency status.
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“We have heavily invested in TON since it has the special power to expose crypto to the general public,” said Pantera Capital in a recent blog post. They highlight TON’s flawless connection with Telegram, a messaging tool with an amazing user count above 800 million.
Pantera envisions TON leveraging Telegram’s user-friendly interface and vast user pool to become a dominant force in the crypto landscape.
Total crypto market cap currently at $2.2 trillion. Chart:
TON Price Rallies On Positive Developments
Pantera’s optimistic view on TON follows a string of encouraging events for the project. Telegram co-founder Pavel Durov presented a road map for immediately including TON capabilities straight inside the Telegram app at the recent Token2049 conference in Dubai.
This includes plans to allow users to log in to their Telegram accounts using crypto wallets, further blurring the lines between traditional messaging and the world of blockchain.
The announcement of Pantera’s investment together with Telegram’s dedication to TON integration set up a purchasing frenzy in the TON market. Rising almost to an all-time high of $7.25, the token price jumped near the $7 level. This price raise demonstrates growing investor hope for TON’s future.
Overcoming Regulatory Hurdles: A Look Back
TON’s path hasn’t been without difficulties notwithstanding the present tide of hope. The US Securities and Exchange Commission (SEC) put a restraining order against Telegram in 2019, therefore preventing the intended Gram token release.
The SEC alleged that the Gram ICO violated securities laws. However, the Telegram team persevered, and the TON ecosystem continued to evolve with TON coin emerging as its central currency.
A New Chapter For Toncoin?
The investment made by Pantera Capital and Telegram’s ongoing dedication to TON integration signal a major turning point for the initiative. TON is positioned to close the distance between mainstream consumers and the world of cryptocurrencies with a strong messaging platform as its basis and support of a well-known investment firm.
Featured image from GoodFreePhotos, chart from TradingView