Crypto venture capital firm Pantera is raising capital for a new fund that will invest specifically in The Open Network’s Toncoin (TON), doubling down on its previous investment in the token.
The fund, called the “Pantera TON Investment Opportunity,” aims to raise capital to purchase more TON tokens, according to a viewed email Pantera sent to potential investors earlier this week. “We invite you to join us in the next round of this investment opportunity,” the email read.
Interested organisations are asked to indicate their interest in the opportunity through a form by June 21 to secure an allocation of funds. The form states that the minimum investment per contributor is $250,000.
Pantera declined to comment when contacted by The Block.
Pantera is betting a TON.
Pantera’s new TON fund was launched on the heels of the company’s largest investment in TON since its founding in 2003. Pantera did not disclose the terms of the deal at the time, but an email reviewed by The Block noted that the investment in TON tokens was made in March at a “significant discount to the spot price.” Pantera formally announced the investment in May.
With its latest TON Fund effort, Pantera seems very optimistic about the token’s potential. “We believe that the TON network is still in its early stages, and we are excited to watch Telegram’s user base adopt its ecosystem and new features,” Pantera partner Ryan Burnie said last month.
The TON Blockchain (formerly known as the Telegram Open Network) was originally launched by Telegram, but the company withdrew from the project in 2019 after the U.S. Securities and Exchange Commission alleged that Telegram’s sale of tokens called “Grams” violated federal securities laws. In 2020, Telegram and its subsidiary TON Issuer Inc. agreed to return more than $1.2 billion to investors and pay a civil penalty of $18.5 million.
Since then, the open source community has continued to develop the TON blockchain independently, but Telegram has continued to support the network. Earlier this year, the messaging giant introduced an advertising revenue sharing system for channel owners, paid exclusively in TON tokens, with revenue split 50/50 between the platform and channel operators.
TON Blockchain Growth Soars
The number of users and transactions on the TON blockchain is Growing rapidly Recently, Tether USDT stablecoin also launched on TON network USDT has been adopted by over 400 million people on the network faster than any other blockchain to date. USDT in circulation Pantera said in an email less than two months ago.
Pantera said in an email that Telegram’s gaming mini-apps have also seen impressive growth, outperforming all crypto games to date. KnotCoin and Hamster Combat Axie Infinity And he said, Notcoin gained 35 million players and around 10 million daily active users within five months of its release, while Hamster Kombat gained 100 million players and 40-45 million daily active users, although these figures likely include bots.
Overall, given the recent traction of the TON network, the TON token grown Become 10th Largest CryptocurrencyIts market capitalization is over $17.5 billion. Toncoin pricing page on The Block1 TON is currently trading at around $7.
Pantera, a venture capital firm with approximately $5 billion in assets under management, is currently New $1 billion cryptocurrency fund V also launched Venture equity, early stage token and special opportunity investments and Liquid tokens.
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