Pantera Capital is increasing its investment in the TON token shortly after making its largest-ever investment in the token earlier this year.
Cryptocurrency venture capital firm Pantera is raising money for a new fund to specifically invest in The Open Network’s Toncoin (TON), adding to its previous investment in the token.
The fund, called “Pantera TON Investment Opportunity,” aims to raise capital to purchase additional TON tokens, according to an email seen by The Block and that Pantera sent to potential investors earlier this week. “We invite you to participate in the upcoming investment round of this investment opportunity,” the email read.
Interested parties are asked to express their interest through an application form by June 21 to secure a place in the fund. The form notes that the minimum investment per investor is $250,000.
Pantera bets big on TON
Pantera’s new TON fund comes shortly after the company made its largest-ever investment in TON since its founding in 2003. At the time, Pantera did not disclose any terms of the deal, but the email seen by The Block notes that the investment was made in TON tokens “at a significant discount to the spot price” in March. Pantera officially announced the investment in May.
With its latest TON fund effort, Pantera seems very optimistic about the token’s potential. “We believe the TON network is still in its early stages and we are eager to see the adoption of the ecosystem and new features by Telegram users,” said Ryan Barney, a partner at Pantera. last month.
The TON blockchain, formerly known as Telegram Open Network, was initially launched by Telegram. However, the company withdrew from the project after the US Securities and Exchange Commission declared in 2019 that Telegram’s sale of tokens called “Grams” violated federal securities laws. In 2020, Telegram and its subsidiary TON Issuer Inc. agreed to return more than $1.2 billion to investors and pay an $18.5 million civil penalty.
The open source community then continued to develop the TON blockchain independently, but Telegram continued to support the network. Earlier this year, the messaging giant with 1 billion users introduced an advertising revenue sharing system for channel owners that will pay entirely in TON tokens and split revenue 50/50 between the platform and operators. channel.
The development of the TON blockchain exploded
The number of users and transactions on the TON blockchain has increased rapidly recently. The USDT stablecoin was also launched on the TON network in April. USDT adoption on this network has been faster than any previous blockchain, with over 400 million USDT in circulation in just under two months, Pantera said in the email.
Telegram’s game mini-apps have also experienced significant growth, surpassing all previous crypto games, Pantera said in the email. The company compares Notcoin and Hamster Kombat with Axie Infinity and says that Notcoin has reached 35 million players and around 10 million daily active users within five months of launch, while Hamster Kombat has reached 100 million players and between 40 and 45 million daily active users. However, these numbers may include bots.
Overall, with recent progress on the TON network, the TON token has become the tenth largest cryptocurrency, with a market capitalization of over $17.5 billion, according to Bitcoin Magazine’s Toncoin price page. TON is currently trading at around $7.
As for Pantera, the venture capital firm with nearly $5 billion in assets under management is also raising a new $1 billion cryptocurrency fund to invest in venture capital, phased tokens. early stages, special opportunities and liquid tokens.
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Jia Bao Ngoc
According to The Block
