The Open Network Foundation (TON Foundation) just secured a massive $400 million in token-based investments from big-name VCs, signaling serious hype around the Telegram ecosystem.
Who’s Backing TON?
Heavyweights like Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage are all in—scooping up Toncoin, the native crypto powering its blockchain.
Their Foundation calls this more than just an investment move; they see it as a strategic partnership to expand the TON ecosystem—though they’re keeping the details under wraps for now.
What’s TON Blockchain?
The TON blockchain is a decentralized network built for Mini Apps within Telegram. While originally a Telegram project, it’s now an independent chain. But there’s still a major link—This coin is the only accepted crypto for Telegram app services as of January 2024.
And the growth? Insane. The number of their native accounts exploded from 4 million to 41 million in just a year. The foundation claims it has over 121 million unique holders and aims to onboard 30% of active Telegram users within the next three years.
Telegram’s Rapid Growth 📈
Telegram is already a powerhouse, hitting 1 billion monthly active users by March 2024—doubling in less than three years (Source: Demandsage). And it’s not stopping anytime soon.
Benchmark partner Peter Fenton predicts Telegram’s user base will hit 1.5 billion by 2030.
VCs Are Going All-In on Crypto 💵
Venture capital funding is flooding into blockchain projects as the industry gains more legitimacy worldwide. Simon Wu, partner at Cathay Innovation, says crypto and blockchain are becoming legit solutions, especially in asset management, transactions, and tokenization.
And where there’s legit traction, capital follows.
📊 In February 2024, crypto VC deals hit $1.1 billion, with DeFi and business services getting the biggest chunk of funding (Source: Cointelegraph VC Roundup).
🚀 What’s Trending in VC Funding?
- DeFi protocols
- Decentralized physical infrastructure
- Tokenized real-world assets
As more big names jump in, the TON ecosystem and the broader blockchain space are heating up. Expect some wild moves ahead.
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