Pantera Capital Raises New Fund to Invest in Toncoin (TON) from The Open Network

Pantera, a cryptocurrency venture capital firm, is creating waves once more by raising funding, especially to invest in Toncoin (TON) from The Open Network.

Pantera Capital is once again making waves in the cryptocurrency venture capital space, as the firm is raising funds to invest specifically in Toncoin (TON) from The Open Network.

Referred to as the “Pantera TON Investment Opportunity,” the fund is looking to raise large sums of capital to add to Pantera’s already significant TON investment. The Block obtained an email from Pantera inviting potential investors to participate in the latest round.

Potential investors are asked to express interest by June 21 with a minimum investment set at $250,000. When contacted by The Block, Pantera declined to comment further on the matter.

Pantera Capital is raising for a second round of investment in the TON token. An email was sent out earlier this week by Pantera to potential investors, and interested parties are asked to fill out a form by June 21, starting at a minimum investment of $250,000. https://t.co/VFuzzFRYUt

— Wu Blockchain (@WuBlockchain) June 22, 2024

This new fund follows Pantera’s largest-ever TON investment at a substantial discount to the spot price in March. The firm officially announced the investment in May, though it kept the details private. The move highlights Pantera’s bullish outlook on the coin’s potential.

“We believe the TON Network is still in its early days, and we are excited to see how Telegram’s user base engages with its ecosystem and new features,” said Pantera partner Ryan Barney.

Initially introduced by Telegram as the Telegram Open Network, the project ran into legal troubles in 2019 when the U.S. Securities and Exchange Commission said that Telegram’s sale of “Gram” tokens was unregistered under federal securities laws.

As such, Telegram and its affiliate TON Issuer Inc. agreed in 2020 to pay an $18.5 million civil penalty and return nearly $1.2 billion to investors. The TON blockchain has since continued to be developed independently by the open-source community, with ongoing support from Telegram.

Both transactions and users on the TON blockchain have surged rapidly in recent times. The USDT stablecoin from Tether debuted on the TON network in April and gained traction faster than on any other blockchain. Two months later, over 400 million USDT tokens are now in circulation.

Surge in Telegram-Based Gaming

Mini-app games on Telegram have also been surging in popularity, and some of the games, Notcoin and Hamster Kombat, had millions of players and daily active users, according to the Pantera email.

Notcoin had 35 million players and around 10 million daily active users within five months, while Hamster Kombat had 100 million players and 40 to 45 million daily active users, though these numbers could include bot activity.

Meanwhile, Toncoin has surged to become the 10th-largest cryptocurrency by market capitalization, at over $17.5 billion, due to the recent popularity on the TON platform. CoinMarketCap data showed that the price of TON is around $7.16 at the moment, up slightly by 0.77% in the past 24 hours but down by 5.50% over the past week.

Aside from its focus on TON, Pantera Capital, which has around $5 billion in assets under management, is also launching a Fund V of up to $1 billion to invest in venture capital, early-stage tokens, special situations, and liquid tokens.

In previous coverage, CNF reported that Alena Shmalko from TON revealed that the ecosystem is aiming to reach 500 million users over the next four years.

News source：https://www.kdj.com/cryptocurrencies-news/articles/pantera-capital-raises-fund-invest-toncoin-ton-network.html

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