Pantera Capital has announced that it has invested an undisclosed amount in TON.
The venture capital firm believes that TON's integration with messaging platform Telegram could be a game changer in the proliferation of #cryptocurrencies .
Venture capital firm Pantera Capital has invested in The Open Network (TON) #blockchain , the layer one network on which Toncoin (TON) runs.
#TON was originally launched by messaging app giant Telegram and is now run by the open source community.
In a statement released on Thursday, Pantera Capital said the investment is aimed at ensuring TON's future growth to bring more people to cryptocurrencies via Telegram.
The venture capital platform's confidence in TON's future and its ability to facilitate the proliferation of cryptocurrencies stems from the widespread adoption of cryptocurrencies on the Telegram network.
By leveraging Telegram's large user base, user-friendly interface and the dynamism of TON's growing ecosystem, we believe TON has the potential to become one of the largest cryptocurrency networks," Pantera wrote in a blog post. The post reads.
Pantera does not disclose the amount of the investment, but claims that Telegram, with more than 900 million monthly active users, is the only major messaging app suitable for #CryptoWatchMay2024 integration.
As an example, the company cites Telegram's more than 36.7 million monthly downloads in January this year, ten times more than rival Signal.
'We believe Telegram is well positioned to bring cryptocurrency to the world due to its holistic Web3 philosophy and widespread adoption,' the company states.
This prediction is supported by the TON architecture, which consists of several components: the TON blockchain, TON storage, TON DNS and TON services.
Pantera is investing in TON at a time when the crypto platform is attracting significant interest from across the ecosystem.
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