Crypto asset supervisor Pantera Capital introduced on Thursday that it’s investing within the layer-1 altcoin TON, triggering a modest rally for the asset.
TON is the native token for a layer-1 blockchain initially developed by the encrypted messaging platform Telegram.
Telegram parted methods with the challenge in 2020 following a authorized battle with the U.S. Securities and Alternate Fee (SEC). The Open Community, an open-source group of builders, took over administration of the expertise that 12 months.
TON, nonetheless, can nonetheless be despatched by Telegram’s 700 million customers throughout the platform with out coming into lengthy pockets addresses.
That connection to Telegram drove Pantera’s choice to put money into the challenge, in accordance with Ryan Barney, a companion on the crypto asset supervisor.
“We imagine TON has the capability to introduce crypto to the plenty as a result of it’s used extensively throughout the Telegram community. Telegram has over 900 million month-to-month lively customers on its future-facing, quick, and safe messaging platform that’s used for private and group communications, large-scale group constructing, content material sharing, and extra.
By leveraging Telegram’s huge person base and seamless UX with the vibrancy of TON’s rising ecosystem, we imagine TON has the potential to change into one of many largest crypto networks.”
TON went from buying and selling round $4.75 within the early morning hours on Friday to $5.16 at time of writing, a rise of greater than 8.5%.
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