The organization behind TON, often referred to as the TON Foundation, has successfully secured over $400 million through token-based investments from a range of venture capital firms, indicating an increasing enthusiasm for the Telegram messaging platform.
Notable investors in this round include Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage, all of whom acquired Toncoin (TON), the native cryptocurrency associated with the network.
The TON Foundation has characterized these token purchases as strategic alliances aimed at enhancing the TON ecosystem, although further specifics regarding the arrangements were not revealed.
The TON blockchain operates as a decentralized network that enables the creation of Mini Apps tailored for Telegram. While originally designed by the creators of Telegram, it now functions as an independent blockchain.
As of January, Toncoin remains the sole cryptocurrency endorsed by Telegram for its app services.
Over the past year, the TON blockchain has experienced remarkable expansion, with the number of native accounts surging from 4 million to 41 million. The TON Foundation claims that Toncoin boasts over 121 million unique holders.
The foundation has announced plans to integrate 30% of active Telegram users onto the blockchain within the next three years.
By March, Telegram had reached 1 billion monthly active users, doubling in less than three years.
A partner from Benchmark, Peter Fenton, indicated that Telegram’s user count is projected to surpass 1.5 billion by 2030.
Related: Toncoin experiences a spike as Pavel Durov departs France after several months.
Increasing Venture Capital Activity
The inflow of venture capital into blockchain initiatives continues to rise as the sector gains increased credibility in the United States and other regions.
According to Simon Wu, a partner at a San Francisco-based venture firm, projects related to crypto and blockchain are “proving to be effective options, particularly in financial areas such as asset management, transactions, and tokenization.”
As trust in the industry rises, investment follows suit.
Recent reports indicate that venture capital investments in crypto surpassed $1.1 billion in February, driven by renewed interest in decentralized finance solutions.
In February, blockchain initiatives focused on business services and DeFi secured the majority of venture funding.
The latest VC Roundup has highlighted growing investor interest in decentralized physical infrastructure networks and real-world asset projects.
Related: Investors in crypto are particularly optimistic about DePIN and RWAs — HashKey Capital.