TON Foundation Secured Over $400 Million in Funding Through Toncoin Offering
The TON Foundation, the governing body behind The Open Network (TON), has successfully garnered over $400 million in funding from prominent investment firms, including Sequoia Capital, Ribbit Capital, Benchmark, and Kingsway Capital. This investment was secured through the sale of Toncoin, rather than traditional equity or cash, The Block reported.
A TON Foundation representative confirmed the details, adding that key investors outside this group include Draper Associates, Vy Capital, and Libertus Capital, as well as CoinFund, Hypersphere, SkyBridge, and Karatage.
These venture firms have expressed their belief in the future success of the TON blockchain, the expanding TON ecosystem, and the potential for widespread crypto adoption within Telegram. In response to the funding announcement, Toncoin experienced a 3.8% price increase within the last hour, with current trading rates at approximately $3.7.
The Open Network's developers have previously laid out their roadmap for the first half of 2025, focusing on launching a Layer 2 payment network, enhancing user interface, and implementing various updates. In January, Telegram banned the development of Web3 applications on blockchains other than TON, further solidifying its exclusive partnership with the TON Foundation.
By the end of 2024, the TON ecosystem had grown significantly, reaching 36.2 million created crypto wallets, with over 100 million Toncoin holders and approximately 40 million active monthly accounts. The network has become a hub for various projects, with gaming, the proliferation of DeFi protocols, and the adoption of native USDT by Tether driving engagement and growth within the TON community.
The TON Foundation has also recently appointed Nikola Plecas, a former Visa executive, as vice president of payments. Plecas' appointment signals a strategic push to build a globally interoperable and robust payment infrastructure, aiming to serve over a billion Telegram users.
While specific price movements have not been detailed, the influx of funding, strategic hires, and ecosystem growth have positively impacted market confidence. The exclusivity mandate requiring Mini Apps to use TON has boosted network adoption but has raised some concerns regarding flexibility among developers. Overall, these developments suggest continued momentum for TON in both user growth and ecosystem innovation, positioning it as a leading contender in the blockchain space for mass-market applications.
Investors such as Draper Associates, Vy Capital, and Libertus Capital, along with CoinFund, Hypersphere, SkyBridge, and Karatage, believe in the future success of the TON blockchain and have invested in Toncoin, contributing to the growth of crypto wallets in the TON ecosystem. The TON Foundation, with the help of these investments, is aiming to build a globally interoperable and robust payment infrastructure, which could potentially revolutionize finance through the technology of blockchain-based investing.
