Coin Edition -
- Pantera Capital raises funds for its second investment in TON’s Toncoin token.
- The fund, dubbed the Pantera TON Investment Opportunity,” aims to purchase more TON tokens.
- The firm announced its largest-ever investment in TON, leaving the amount undisclosed.
Venture capital firm Pantera Capital is seeking to increase its exposure to The Open Network’s Toncoin (TON) with a second dedicated fund, signaling continued confidence in the layer-1 blockchain associated with Telegram.
The fund, titled “Pantera TON Investment Opportunity,” aims to acquire additional TON tokens.
In an email to potential investors, Pantera invited participation in the funding round, stating, “We are inviting you to participate in the next round of this investment opportunity.” Pantera had previously announced a significant investment in TON in May, but did not disclose the amount.
According to Wu Blockchain, Pantera had earlier indicated a $250 million purchase of discounted SOL from FTX.
Pantera Capital founder Dan Morehead said TON is the largest investment Pantera has ever made, but did not disclose the specific amount, nor the discounted price for purchasing TON tokens. Pantera had earlier said it would raise up to $250 million to purchase discounted SOL from…— Wu Blockchain (@WuBlockchain) May 10, 2024
The firm highlighted TON’s unique features and potential for mass adoption, noting its extensive use within the Telegram network and its scalability, which allows for low transaction fees.
“We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network… The TON network’s scalability allows for a fixed fee of ~$0.10 for transactions between two users — that is 66% cheaper than other crypto payment platforms.”
Recent reports indicate that the platform has invited interested investors to participate in the funding round, with a minimum contribution of $250,000.The TON token, currently trading at $1.78, has seen a 14% increase over the past month. However, it has experienced a decline of over 10% in the last week, despite a slight 0.17% uptick in the past 24 hours.
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