- TON Foundation secures $400M in Toncoin from major VCs to expand Telegram’s blockchain.
- Telegram’s TON blockchain sees 41M active users and 121M unique Toncoin holders.
- Venture capital interest grows as Telegram’s user base nears 1.5 billion by 2030.
The Open Network Foundation also known as TON Foundation obtained more than $400 million through funding from multiple high-profile venture capital companies. The funding directed to Toncoin as the native cryptocurrency of the TON blockchain demonstrates increased interest from investors in the Telegram ecosystem.
Sequoia, Ribbit Capital, Benchmark, Draper Associates and Kingsway compose the list of investors participating in this funding round. Other participants in the round include Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere and Karatage.
Strategic Investments for Expanding the TON Ecosystem
The investments have been made in Toncoin rather than traditional cash or equity, reflecting a strong belief in the blockchain’s potential. The TON Foundation views these contributions as strategic partnerships that will help propel the TON ecosystem forward. Although specific details about the partnerships have not been disclosed, the foundation is optimistic about their future impact.
As Telegram grows, the TON blockchain supports a wide range of “Mini Apps” operating within the messaging platform. The creators of Telegram initially established TON but it now exists independently as a blockchain platform. The decentralization of Toncoin enhances its status as the main cryptocurrency for Telegram application functions in the broader ecosystems
Toncoin’s Growing Popularity and Telegram’s Expanding User Base
The TON blockchain has witnessed significant growth in the past year. The number of active users of the company increased from 4 million to 41 million monthly, while the Toncoin cryptocurrency has more than 121 million unique holders. With millions of users, the TON Foundation plans to develop the blockchain further and attract 30% of the current Telegram active users within the next three years.
Benchmark partner Peter Fenton predicts Telegram will surpass 1.5 billion monthly active users by 2030, as it recently crossed the 1 billion threshold. This projected growth and rising Toncoin adoption patterns indicate that this blockchain system will establish dominance in the cryptocurrency industry. The integration of cryptocurrency on the Telegram platform offers an appealing solution which attracts developers and their users.
The interest in Toncoin and the TON blockchain highlights a larger trend in the venture capital industry’s acceptance of blockchain and crypto projects. According to Simon Wu, a partner at Cathay Innovation, these projects are being recognized as viable solutions, especially in sectors such as asset management, transactions, and tokenization.
Blockchain project venture capital investment established a new high in February, surpassing $1.1 billion in crypto venture capital deals. The TON Foundation generated funding success as a part of an overall market shift demonstrating institutional investors’ growing interest in decentralized blockchain ecosystems like TON.