Coinbase Ventures Buys Toncoin Directly From Telegram, TON Foundation Says

Coinbase Ventures has acquired an undisclosed amount of Toncoin directly from messaging-app operator Telegram, according to a statement from the TON Foundation.

The investment places Coinbase Ventures among a growing roster of institutional holders of the token that underpins The Open Network, the blockchain project originally developed by Telegram. The foundation said the purchase represents a vote of confidence in the network’s long-term prospects, although financial terms were not released.

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