Open Network (TON) obtains new financing from Pantera Capital

Pantera Capital, which manages more than $5 billion in assets, recently made an undisclosed investment in The Open Network (TON), a prominent layer 1 blockchain. Pantera's move demonstrates its strong belief in the potential of TON to drive widespread adoption of cryptocurrencies, leveraging Telegram's 900 million users and over 1 billion monthly views.

“We believe the TON network is still in its early stages and we are excited to see the adoption of the ecosystem and its new features by Telegram users,” Pantera Capital. said The block.

Originally developed by the Telegram team and rebranded after legal hurdles with the US Securities and Exchange Commission, TON has made considerable progress since then.

The network has become a bustling web3 ecosystem, sharing revenue with channel owners and facilitating advertising payments on TON. Furthermore, speculations suggest that TON, Haskey Group and Oyster Labs have joined forces to launch the 'Universal Basic Smartphone'.

Furthermore, the TON blockchain has also gained traction recently. Last month, Tether integrated Tether USD (USDT) and Tether Gold (XAUT) into the TON blockchain. This integration expands Tether's reach to 15 blockchains and opens new possibilities for more than 900 million Telegram users around the world. As a result, users can now leverage USDT and XAUT for peer-to-peer payments directly on the TON blockchain and within decentralized applications built on its infrastructure.

Pavel Durov, co-founder and CEO of Telegram, also announced the company's plans to tokenize its stickers and emojis, transforming them into non-fungible tokens (nfts) on the TON blockchain.

Durov highlighted TON's scalability as a key factor in this decision. According to him, TON's ability to handle millions, even hundreds of millions, of transactions makes it perfect for Telegram's target scale.

Pantera Capital's latest investment comes as the company is finalizing KYC procedures for the purchase of a Solana token. The company is also in talks to raise an additional $1 billion for “Pantera Fund V.” This new fund is aimed at early-stage startups, tokens, and other digital assets.