VC Firms Buy $400M of Toncoin

The Open Network (TON) Foundation has secured over $400 million in token-based investments from several major venture capital firms.

Among the key investors are Sequoia Capital, Ribbit Capital, Paradigm, Benchmark, and Kingsway. Other backers include Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage.

The TON Blockchain has experienced rapid growth over the past year, with active accounts surging from 4 million to 41 million. Toncoin, the network’s native cryptocurrency, now has more than 121 million unique holders — surpassing the number of wallets holding Bitcoin.

Toncoin is currently trading at $3.56, down 6.1% in the last 24 hours but up 24% over the past week, according to CoinGecko.

A TON Foundation spokesperson told The Defiant that "TON is attractive to venture capital firms due to its fast, scalable, and resilient blockchain, as well as its impressive growth."

The role of Telegram

In January, TON Foundation expanded its partnership with Telegram, making TON the exclusive blockchain for Telegram’s Mini Apps Ecosystem. This integration enables seamless and secure crypto payments for Telegram’s one billion-plus users.

The spokesperson called the partnership "a pivotal milestone for the blockchain’s future." They stated, “With this exclusivity agreement, Telegram has committed to deepening its relationship with TON, making it the foundation for both existing and future products.”

They also emphasized that the collaboration is a natural fit, explaining, “Telegram has long supported open-source technology and Web3, values shared by TON.”

Looking ahead

Looking forward, the TON Foundation aims to bring 30% of Telegram’s active users onto the TON Blockchain by 2028. The foundation’s strategy focuses on using Telegram’s stickers, gifts, and collectibles to attract users, launching multiplayer mini-games, expanding DeFi savings options, and developing payment tools for real-world crypto use.

The spokesperson also acknowledged the shifting regulatory landscape in the U.S. and stated, "With the change in administration, we anticipate a shift towards more supportive policies for crypto, and we are ready to adapt as the regulatory landscape starts to take shape while staying true to the ethos of decentralization.”