TON Foundation Secures $400 Million in Token Investments, Boosting Telegram Ecosystem

According to Cointelegraph, the Open Network Foundation, known as TON Foundation, has successfully raised over $400 million through token-based investments from various venture capital firms. This substantial funding highlights the increasing interest in the Telegram messaging ecosystem. Prominent venture capital firms such as Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere, and Karatage participated in the investment by acquiring Toncoin (TON), the native cryptocurrency of The Open Network. The TON Foundation described these token purchases as strategic partnerships aimed at expanding the TON ecosystem, although specific details were not disclosed. The TON blockchain operates as a decentralized network supporting the development of Mini Apps within the Telegram ecosystem. Initially developed by Telegram’s founders, TON now functions as an independent chain. As of January, Toncoin is the sole cryptocurrency accepted by Telegram for app services. Over the past year, the TON blockchain has experienced significant growth, with native accounts increasing from 4 million to 41 million. The TON Foundation claims that Toncoin has over 121 million unique holders. The foundation aims to onboard 30% of active Telegram users to the blockchain within the next three years. By March, Telegram had reached 1 billion monthly active users, doubling its user base in just under three years. Benchmark partner Peter Fenton anticipates that Telegram’s user base will surpass 1.5 billion by 2030. Venture capital funding continues to flow into blockchain projects as the industry gains legitimacy in the United States and other markets. Simon Wu, a partner at the San Francisco-based venture firm Cathay Innovation, noted that crypto and blockchain projects are gaining traction as viable solutions, particularly in financial sectors like asset management, transactions, and tokenization. As legitimacy grows, capital follows. Cointelegraph reported earlier this month that crypto venture capital deals reached $1.1 billion in February, driven by renewed interest in decentralized finance services. Blockchain projects specializing in business services and DeFi attracted the majority of venture financing during this period. The latest Cointelegraph VC Roundup also highlighted increasing venture capital interest in decentralized physical infrastructure networks and real-world assets.