Markets, Markets, TON, TON Foundation Investors embrace Sequoia Capital, Ribbit, Benchmark, Kingsway, CoinFund, in line with a press launch.
Toncoin (TON), the native token of the Telegram-adjacent TON blockchain, spiked on Thursday as ecosystem group The Open Network Foundation mentioned a number of enterprise capital corporations invested $400 million within the token.
Investors embrace Sequoia Capital, Ribbit, Benchmark and Kingsway, in line with a press launch shared with CoinDesk. Vy Capital, Draper Associates and Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage additionally participated within the spherical.
“These venture capital firms hold over $400 million worth of Toncoin, which is the native cryptocurrency of the TON Blockchain.It’s important to note that this is not a fundraising round. Instead, these VCs are placing their bets on the future success and utility of the TON Blockchain, its growing ecosystem, and its potential to provide real-world utility for crypto holdings, especially within Telegram,” a Ton Foundation spokesperson advised CoinDesk.
TON’s value jumped over 8% above $3.8 instantly following the announcement earlier than paring among the features. The token’s value was 2% up over the previous 24 hours.
The TON community was initially developed by messaging app Telegram, however continued as an impartial operation attributable to regulatory issues after the corporate settled a lawsuit by the U.S. Securities and Exchange Commission (SEC) in 2020.
Telegram CEO Pavel Durov was arrested in France in August as a part of a criticism on Telegram’s lack of moderation and cooperation with legislation enforcement. Durov regained access to his passport from authorities earlier this month. TON surged 20% on the information.
Digital asset funding agency Pantera Capital said in May it made its “largest investment ever” in TON, with out disclosing the worth of the funding. The token’s value is down 54% since its June peak above $8.
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