Pantera Capital invests in The Open Network, seeking to capitalize on Telegram users

Pantera Capital, a crypto venture capital firm with over $ 5 billion in assets under management, has invested in The Open Network TON.

"We believe TON has the ability to introduce cryptocurrency to the masses because it is widely used within the Telegram network," Pantera Capital said Thursday. TON is a Layer 1 blockchain network initially designed by messaging platform Telegram and continued by the open source community.

Pantera's investment in TON comes as the Layer 1 blockchain has recently gained attention. In February, Telegram revealed a plan to share advertising revenue with channel owners and pay rewards using the Toncoin token. Telegram recently implemented that plan and allowed users to purchase ads on the platform with TON.

Given Telegram's massive reach of over 900 million monthly active users and over 1 billion channel views each month, TON can potentially drive mass cryptocurrency adoption, according to Pantera Capital.

"We believe the TON network is still in its early stages and we are excited to witness the adoption of its ecosystem and new features by the Telegram user base," the firm said.

Telegram also recently enabled Tether (USDT) stablecoin payments via the TON blockchain. This means that Telegram users can now start making USDT payments to each other over the TON network.

“The scalability of the TON network allows for a flat fee of ~$0.10 for transactions between two users, which is 66% cheaper than other crypto payments platforms,” Pantera Capital said. “In addition, integrated on- and off-ramps, including bank transfers and exchanges, are being made available to further facilitate access and use.”

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