Pantera Capital Announces Investment in Layer-1 Blockchain Toncoin, Triggering Modest Price Jump for TON
Crypto asset supervisor Pantera Capital introduced on Thursday that it’s investing in the layer-1 altcoin TON, triggering a modest rally for the asset.
TON is the native token for a layer-1 blockchain initially developed by the encrypted messaging platform Telegram.
Telegram parted methods with the mission in 2020 following a authorized battle with the U.S. Securities and Trade Fee (SEC). The Open Community, an open-source neighborhood of builders, took over administration of the know-how that 12 months.
TON, nevertheless, can nonetheless be despatched by Telegram’s 700 million customers inside the platform with out coming into lengthy pockets addresses.
That connection to Telegram drove Pantera’s decision to speculate in the mission, in line with Ryan Barney, a associate on the crypto asset supervisor.
“We imagine TON has the capability to introduce crypto to the plenty as a result of it’s used extensively inside the Telegram community. Telegram has over 900 million month-to-month lively customers on its future-facing, quick, and safe messaging platform that’s used for private and group communications, large-scale neighborhood constructing, content material sharing, and extra.
By leveraging Telegram’s huge person base and seamless UX with the vibrancy of TON’s rising ecosystem, we imagine TON has the potential to grow to be one of many largest crypto networks.”
TON went from buying and selling round $4.75 in the early morning hours on Friday to $5.16 at time of writing, a rise of greater than 8.5%.
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