Pantera Capital Launches New Fund for Toncoin Investment
Crypto venture capital firm Pantera Capital is raising funds for a new investment vehicle named the "Pantera TON Investment Opportunity." The fund aims to acquire more The Open Network's Toncoin (TON) tokens. Prospective investors are required to express their interest by June 21 to secure a spot in the fund, with a minimum investment threshold set at $250,000.
Pantera's commitment to TON is evident as this new fund follows the firm's largest-ever investment made in the TON token. Although Pantera did not disclose specific deal terms at the time, the email indicates that the investment was made in March at a "significant discount to the spot price." The investment was officially announced by Pantera in May.
"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," said Ryan Barney, a partner at Pantera, last month.
The TON blockchain has experienced significant growth recently. In April, Tether's USDT stablecoin launched on the TON network, achieving rapid adoption. According to Pantera, over 400 million USDT were in circulation on the network within two months, surpassing the adoption rate of any prior blockchain.
Telegram's gaming mini-apps on the TON network have also seen remarkable success. Pantera highlights that Notcoin and Hamster Kombat, two Telegram games, have outpaced traditional crypto games like Axie Infinity. Notcoin reached 35 million players and about 10 million daily active users within five months of its launch, while Hamster Kombat attracted 100 million players and between 40 to 45 million daily active users.
The TON token is now the 8th largest cryptocurrency, with a market cap exceeding $18.2 billion. TON is currently trading at $7.42, down 1% over the past 24 hours but up 19.6% over the past month, despite a market downturn.