The TON Foundation has successfully raised over $400 million through token-based funding from some of the most respected venture capital firms in the industry.
A press release dated March 20 reveals that the investors include Sequoia Capital, Ribbit, Paradigm, Benchmark, and Kingsway. This funding highlights a growing institutional interest in TON’s infrastructure and its capacity to support financial applications within Telegram’s extensive ecosystem.
TON’s strong partnership with Telegram has proven to be a significant catalyst for growth. Earlier this year, TON was selected as the foundational blockchain for Telegram’s Mini Apps Ecosystem, which enables developers to craft integrated financial services and interactive experiences for Telegram’s vast user base of over 1 billion monthly active users.
This synergy has spurred remarkable growth, drawing attention from investors. The press release indicates that active accounts on the TON network surged from 4 million to 41 million within the past year. Furthermore, the number of Toncoin (TON) holders now stands at 121 million, surpassing the total number of Bitcoin wallet holders.
Looking forward, the TON Foundation aims to involve 30% of Telegram’s active users—around 450 million individuals—by 2028. The plan includes the expansion of decentralized finance tools, multiplayer mini-games, and in-app payment solutions, as well as the introduction of on-chain collectibles and rewards.
Future Prospects
The recent $400 million investment is anticipated to accelerate TON’s growth by supporting user acquisition, incentivizing developers, and advancing product development. As Telegram’s influence continues to extend, TON’s role as the backbone of financial services within the platform may solidify its status as a key player in the blockchain realm.
Investors involved in this fundraising round have voiced strong confidence in TON’s potential for growth and its ability to harness Telegram’s vast reach.
“The TON team excels at the intersection of consumer product innovation and crypto infrastructure. When you pair this with the global distribution of Telegram, we’re thrilled to see what they will achieve,” commented Shaun Maguire, a partner at Sequoia Capital.