The cryptocurrency project associated with Telegram, known as TON Coin, has sparked significant attention following a tumultuous year marked by volatility. While initial excitement surged due to various airdrops, the lack of strong narratives for its mini applications led to a sell-off that saw the value plummet. As a result, TON Coin had to grapple with the inflated engagement metrics driven by those seeking rewards from the airdrop.
Who Are the Key Investors in TON Coin?
Is TON Coin Poised for a Comeback?
In a surprising announcement, the TON Foundation revealed that major venture capital firms, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, have collectively invested over $400 million in TON Coin. This substantial investment was executed through the purchase of Toncoin, the cryptocurrency native to the TON blockchain, rather than through traditional cash or equity methods.
“These venture capital firms invested over $400 million in Toncoin, the native cryptocurrency of the TON blockchain,” shared a spokesperson from TON.
With over 40 million active users and nearly 121 million unique addresses on the network last year, Telegram’s backing proved crucial in driving user engagement towards a billion. Additionally, the initial enthusiasm from early airdrop participants played a pivotal role in this growth.
Sequoia Capital Partner Shaun Maguire expressed optimism regarding the TON project’s future, stating, “The TON team excels at merging consumer product insights with crypto infrastructure. Coupled with Telegram’s expansive reach, we are eager to witness their journey ahead.”
– Notable investment of over $400 million from top venture capital firms.
– The TON blockchain has a growing user base, exceeding 40 million.
– Strong support from Telegram contributes to user engagement and potential market recovery.
The substantial backing from these prominent venture capital firms signals confidence in the TON ecosystem, suggesting that despite past challenges, there is a renewed optimism surrounding its future ventures and development.
