Crypto Giant Pantera Capital Backs TON, Eyes Mass Adoption Through Telegram
Pantera Capital, a prominent crypto venture capital firm, has recently injected an undisclosed sum into The Open Network (TON). This investment marks a significant milestone as TON continues to gain traction within the expansive user base of the Telegram messaging platform.
The move by Pantera Capital highlights the growing interest from prominent investors. Emerging blockchain technologies and their potential to revolutionize various industries are increasingly being recognized.
Pantera Capital’s Recent Venture into TON Explained
The firm, which manages over $5 billion in assets, sees TON’s integration with Telegram as a crucial step towards bringing cryptocurrency to the masses. The recent ad revenue-sharing implementation on Telegram highlights the network’s growing utility.
Using the Toncoin (TON) token, this feature highlights the platform’s potential for mass adoption. BeInCrypto previously reported that the platform’s revenue-sharing system allows channel owners to earn 50% of advertisement revenue generated within their channels.
Read more: What Are Telegram Bot Coins?
Telegram boasts an impressive monthly active user base of over 900 million. Indeed, the number provides a promising environment for TON’s expansion and development.
“We believe the TON network is still in its early stages, and we are excited to witness the adoption of its ecosystem and new features by the Telegram user base,” the firm said.
The messaging giant recently enhanced its platform by allowing users to make purchases and payments with the TON token, including new features like Tether (USDT) stablecoin transactions. Before the funding from Pantera Capital, TON announced its integration with stablecoin issuer Tether.
Tether expanded its USDT and XAUT stablecoins offerings to the TON blockchain. Additionally, TON developers have committed $5 million in TON tokens to promote the adoption of a novel palm-scanning identity verification technology among users.
Toncoin (TON) Price Performance. Source: BeInCrypto Following the announcement, TON’s token price saw a significant uptick. At the time of writing, TON is trading at $5.39, marking an increase of 12.45% for the last 24 hours.
