Venture Capital Firms Invest More than $400,000,000 in Layer-1 Asset Toncoin, According to the TON Foundation

Enterprise capital companies have invested greater than $400 million into the layer-1 asset Toncoin (TON), in accordance with the group behind the mission.

The Open Community Basis, often known as the TON Basis, notes that traders embody Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge and Karatage.

TON was initially developed by the encrypted messaging platform Telegram and referred to as Telegram Open Community, however Telegram parted methods with the mission in 2020 following a authorized battle with the U.S. Securities and Change Fee (SEC).

The Open Community, an open-source group of builders, took over administration of the know-how that yr. TON, nevertheless, can nonetheless be despatched by Telegram’s 1 billion month-to-month lively customers inside the platform with out getting into lengthy pockets addresses.

In January, TON turned the “unique blockchain” for Telegram’s Mini Apps Ecosystem.

Shaun Maguire, a associate at Sequoia Capital, says his agency is worked up concerning the layer-1 blockchain’s know-how and its entry to Telegram’s international distribution.

“The TON group is the very best on the earth on the intersection of client product pondering and crypto infrastructure.”

TON is buying and selling at $3.61 at time of writing. The 14th-ranked crypto asset by market cap is down greater than 2% prior to now 24 hours.

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