2024-05-04
Pantera Capital, a renowned venture capital firm in the cryptocurrency space managing assets totaling more than $5 billion, has recently made an investment in the blockchain platform known as The Open Network (TON).
The firm strongly believes that TON has the potential to revolutionize the adoption of cryptocurrencies on a mass scale, primarily due to its extensive integration within the popular messaging platform, Telegram.
Originally developed by Telegram and later continued by the open-source community, TON operates as a Layer 1 blockchain network. Pantera's investment in TON comes at a time when this particular blockchain network is gaining significant attention and recognition.
In February, Telegram announced a groundbreaking plan to share advertising revenue with channel owners and incentivize them with a native cryptocurrency called Toncoin (TON). This plan has been successfully implemented, allowing users to purchase in-platform ads using TON tokens.
With a user base of over 900 million active monthly users and an astonishing 1 trillion channel views per month, Telegram's widespread reach positions TON as a potential catalyst for the widespread adoption of cryptocurrencies, as highlighted by Pantera Capital.
Pantera Capital expressed its enthusiasm for the early stages of the TON network and eagerly anticipates the growth of its ecosystem and the adoption of new features by the Telegram user community.
In addition to advertising, Telegram users can now engage in Tether (USDT) stablecoin payments with each other through the TON network. TON's scalability facilitates transactions between users at a fixed fee of approximately $0.10, which is notably lower compared to other crypto payment platforms.
Furthermore, the inclusion of built-in on-ramps and off-ramps, such as bank transfers and exchanges, enhances accessibility and usability.
According to CoinMarketCap, TON has recently emerged as the 10th largest cryptocurrency, with a market capitalization of $16.8 billion. As of now, one TON is trading at around $4.80.
Pantera Capital's investment in TON coincides with reports of the firm acquiring discounted Solana (SOL) tokens from the bankruptcy auction of the former FTX cryptocurrency exchange.
Additionally, Pantera is currently in the process of raising a new $1.25 billion fund, known as Fund V, to invest in startup equity, early-stage tokens, liquid tokens, and other assets. The fund has a minimum investment requirement of $1 million for qualified investors, with the first close of the fund expected on April 1, 2025. Limited partners are expected to contribute at least $25 million to the fund.
Established in 2003, Pantera Capital is a highly regarded and actively involved global venture capital firm in the cryptocurrency industry.
To date, it has invested in over 180 crypto startups, solidifying its position as one of the most influential players in the field.
