Pantera Capital is raising funds for second TON token investment

Pantera's new TON fund comes shortly after the firm made its largest-ever investment in TON since its founding in 2003. At the time, Pantera did not disclose any deal terms, but the email seen by The Block notes that the investment was made in the TON token "at a significant discount to the spot price" in March. Pantera officially announced the investment in May.With the latest TON fund effort, Pantera appears to be highly bullish about the token's potential. "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," Ryan Barney, a Pantera partner, said last month. The TON blockchain, formerly known as the Telegram Open Network, was initially launched by Telegram. However, the company withdrew from the project after the United States Securities and Exchange Commission claimed 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 over $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 has continued to support the network. Earlier this year, the messaging giant introduced an ad revenue-sharing system for channel owners that will pay out exclusively in the TON token and feature a 50/50 revenue split between the platform and channel operators.

TON blockchain growth surges

The number of TON blockchain users and transactions has been growing rapidly lately. Tether's USDT stablecoin also launched on the TON network in April. USDT's adoption on the network has been faster than any prior blockchain, with over 400 million USDT in circulation in under two months, Pantera said in the email.

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