TON Foundation raises $400M via token sale

The Open Network Foundation, besides known arsenic TON Foundation, has raised much than $400 cardinal successful token-based investments from respective task superior firms, signaling increasing involvement successful the Telegram messaging ecosystem. 

Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere and Karatage participated successful the concern by purchasing Toncoin (TON), the autochthonal cryptocurrency of The Open Network. 

TON Foundation described the token purchases arsenic strategical partnerships that volition assistance grow the TON ecosystem, though nary further details were provided.

TON blockchain is simply a decentralized web that supports the development of Mini Apps for the Telegram ecosystem. Although TON was initially developed by Telegram’s founders, it present operates arsenic an autarkic chain. 

As of January, Toncoin is Telegram’s lone accepted crypto for app services.

TON blockchain has seen important maturation implicit the past year, with autochthonal accounts rising from 4 cardinal to 41 million. TON Foundation claims that the Toncoin cryptocurrency has much than 121 cardinal unsocial holders. 

According to the announcement, TON Foundation seeks to onboard 30% of progressive Telegram users to the blockchain successful the adjacent 3 years. 

By March, Telegram had 1 cardinal monthly progressive users, doubling successful conscionable nether 3 years. Source: Demandsage

Benchmark spouse Peter Fenton said Telegram’s idiosyncratic basal is expected to eclipse 1.5 cardinal by 2030. 

Related: Toncoin surges arsenic Pavel Durov leaves France aft months

Venture superior deals connected the rise

Venture superior backing continues to determination into blockchain projects arsenic the manufacture gains newfound legitimacy successful the United States and different markets. 

According to Simon Wu, spouse astatine the San Francisco-based task steadfast Cathay Innovation, crypto and blockchain projects “are gaining traction arsenic viable solutions, particularly successful fiscal sectors similar plus management, transactions, and tokenization.”

As legitimacy grows, capital follows.

Cointelegraph reported earlier this period that crypto task superior deals topped $1.1 cardinal successful February amid renewed involvement successful decentralized concern services.

Blockchain projects specializing successful concern services and DeFi attracted the lion’s stock of task financing successful February. Source: The TIE

The latest Cointelegraph VC Roundup besides showcased increasing task superior involvement successful decentralized carnal infrastructure networks and real-world assets.

Related: Crypto VCs are ‘especially bullish’ connected DePIN, RWAs — HashKey Capital