Pantera invests in TON with high expectations for Telegram’s future.
Pantera Capital invested an undisclosed amount in The Open Network (TON). This is the cryptocurrency-focused venture capital firm’s “latest” investment in TON and was motivated by its connection to the Telegram messaging service, the company said.
Telegram’s decision to integrate TON last April gives TON “the potential to become one of the largest cryptocurrency networks,” Pantera said in a lengthy and impassioned blog post on its website. Telegram, which boasts 900 million monthly users and 36.7 million monthly downloads, is “well-positioned to bring cryptocurrency to the world due to our shared Web3 ethos.”
In a list of TON’s advantages, Pantera said that the architecture of the TON blockchain offers superior performance and scalability compared to major blockchains, and the wallet offers high usability with a simple interface.
Pantera also praised the mini app that TON powers on Telegram.
“Earlier this year, we observed how memecoin trading tools like BonkBot generated tens of millions of dollars in revenue through Telegram’s user interface. TON-based applications like StormTrade now allow users to trade perpetuals, cryptocurrencies, stocks and shares using the same interface.”
Telegram is also offering new monetization opportunities such as ad revenue sharing, tradable custom usernames, virtual phone numbers, and emojis.
Related: CEO says Tether issued on TON blockchain is ‘a great start’ The current price is $60 million.
The Telegram-TON connection is a notable achievement, Pantera noted. TON was originally designed to integrate with Telegram, but initial attempts were foiled by the U.S. Securities and Exchange Commission (SEC). Telegram was able to reunite TON after independent developers restarted the network, becoming the only major messaging platform to integrate Web3.
Messenger was unable to overcome regulatory hurdles to integrate the Libra coin and abandoned its efforts. Pantera said the scope of WeChat’s use of the digital yuan was “limited.”
Pantera manages $5.2 billion in assets across four funds. Last April, it announced the creation of a new fund worth $1 billion.
Cointelegraph reached out to Pantera for more information but did not receive a response by the time of publication.
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