After Pantera Capital said it was making its “most significant investment ever,” TON’s price increased by an amazing 14%.
Panda Capital, a well-known crypto venture capital firm, announced it would invest a huge $250 million in the TON ecosystem. This was the “largest investment ever” made by the company, which caused a lot of change in the cryptocurrency world. The news sent shockwaves through the market, especially through Toncoin (TON), the native token of the Open Network, which rose by over 13% on May 10.
Pantera Capital, a California company, made the groundbreaking announcement in a blog post. They emphasized their unique investment in TON without saying how much money they invested. There is talk that the investment could be more than $250 million, which is how much the company originally set aside to buy Solana (SOL) at a discount from the now-defunct FTX market.
By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks. Pantera Capital
Ton’s potential fuels Pantera’s conviction
Pantera Capital decided to invest heavily in TON because they believe the platform can make cryptocurrency more accessible to everyone, especially since it is already widely used in the Telegram network. Pantera Capital’s bold claims caused the price of the token to rise above $6.8 and get dangerously close to $7, which would be an all-time high for the token and hit $7.25, according to data from CoinMarketCap.
Pantera Capital’s huge support for the token comes after Pavel Durov, co-founder of Telegram, showed off many new features at the Token2049 crypto conference in Dubai. These features are planned to make it easy for the token to work with the chat app, and users will soon be able to access their accounts using cryptocurrency wallets.
But this enormous support for the token comes when regulations are being pushed back. There was a stop order against Telegram by the Securities and Exchange Commission (SEC) in October 2019, which stopped its plans to launch its Gram token. The SEC said that Telegram’s initial coin offering (ICO) broke securities laws by selling investors securities not listed with the SEC. Even though there were problems with regulations, Telegram’s blockchain project kept going thanks to a strong group of blockchain fans who stood by its principles. Telegram’s connection to the token belonging grew stronger over time, and now Toncoin can be accepted as payment through Telegram’s advertising revenue-sharing system for channel owners.
