PANews reported on August 29 that according to Bloomberg, more than a dozen companies including Pantera Capital Management, Animoca Brands and Mirana Ventures have invested in Toncoin, and Telegram uses its blockchain to process instant payments and other businesses. People familiar with the matter said that Pantera is one of the largest crypto venture capital funds and invested more than $100 million in Toncoin earlier this year. Venture capitalists who invested in Toncoin (usually signed an agreement not to sell for at least a year) are now trying to assess whether France's move against Telegram founder Pavel Durov will cause users to flee Telegram.
Pantera called Toncoin its largest investment, but did not disclose the amount. The TON Foundation, which manages the blockchain, said in an email that it has never raised funds. Animoca Brands did not comment on its investment, and Mirana Ventures did not immediately respond to inquiries.
People familiar with the matter said Pantera invested in Toncoin at a 40% discount to the market price at the time. Based on the average price of $6.32 when the transaction was announced in May, the investment was still easily profitable. People familiar with the matter said Pantera has a lock-up period of one year, after which it can sell Toncoin in batches over several years.
