The Open Network (TON), initially developed by Telegram, has received a strategic investment from venture capital firm Pantera Capital.
TON’s burgeoning ecosystem has attracted the interest of Pantera Capital, a leading hedge fund manager and cryptocurrency-focused investment firm with over $5.000 billion in assets under management.
Recently, Pantera Capital announced its participation in the open-source blockchain TON, initially developed by Telegram and now by the TON Foundation.
In a press release, Pantera Capital highlighted the importance of this digital platform to accelerate the adoption of cryptocurrencies and blockchain technology.
TON can generalize the use of cryptocurrencies
The venture capital firm highlighted that one of the main reasons it has invested in the TON network is because of its potential ability to accelerate the mass adoption of cryptocurrencies and blockchain.
Pantera Capital emphasized that this blockchain can introduce cryptocurrencies to the masses, considering that Telegram has more than 900 million monthly active users and that the platform allows these users to interact and use cryptocurrencies through TON.
As the investment firm explained, “By leveraging Telegram’s broad user base and seamless user experience, with the vitality of the emerging TON ecosystem, we believe that TON has the potential to become one of the largest crypto networks".
But, in addition to supporting the adoption of cryptocurrencies, Pantera Capital also mentioned that the TON network stands out in the crypto world for being one of the networks that best embodies the spirit of decentralization of cryptocurrencies and Web3, and for being an ecosystem capable of supporting a wide range of applications.
On Telegram, he stressed that the messaging app is the only one that has so far been free of regulatory hurdles to incorporate Web3 for an open blockchain network and that it has recently incorporated a large number of mini-apps that can unlock new use cases for emerging technologies.
A blockchain to build innovative use cases
Pantera Capital referred to The Open Network as the backbone of an entire blockchain ecosystem, which includes various components such as TON Storage, TON DNS, and TON Services, among others, which are designed to offer high-performance and scalable solutions to millions of users.
On the other hand, he stressed that TON’s architecture, based on the “dynamic sharding” model, ensures that the network can handle millions of transactions per second without problems and that it can scale efficiently as the number of users grows. It also makes it easier for people to join the blockchain ecosystem, which can be quite complex for many.
All of this makes TON an ideal network for developers looking to launch applications for hundreds of millions of users without compromising speed or security, Pantera Capital said.
Source: Pantera Capital
TON is approaching all-time highs
Following Pantera Capital's backing of The Open Network blockchain, the price of the network's native cryptocurrency, TON, rose by more than 10%, reaching a value of $ 5,98 dollars.
Over the past year, TON’s price has increased by almost 200%, leading the cryptocurrency to set a new all-time high of $7,65, which was seen in the middle of last month. This, when it introduced a digital identity verification solution for Telegram users using palm-scanning technology and after announcing the integration of a cryptocurrency payments feature into the messaging app.
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