The cryptocurrency project supported by Telegram made significant waves last year, experiencing considerable volatility. Although the hype peaked due to airdrops within the network, the inability to craft compelling narratives around the future of mini applications triggered a strong selling wave. Consequently, TON Coin faced a downturn as it confronted the reality of inflated application interaction data from airdrop hunters.
TON Foundation announced today that a consortium of venture capital firms, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, invested over $400 million in TON Coin. This investment was made through the acquisition of Toncoin, the native cryptocurrency of the TON blockchain, rather than traditional equity or cash.
“These venture capital firms invested over $400 million in Toncoin, the native cryptocurrency of the TON blockchain,” said a spokesperson from TON.
Last year, the number of active users on the network surpassed 40 million, with unique addresses nearing 121 million. Telegram’s support played a significant role in reaching a billion users. The enthusiasm brought by investors who profited from early airdrops must also be considered.
Sequoia Capital Partner Shaun Maguire commented, “The TON team is the best at the intersection of consumer product thinking and crypto infrastructure. When combined with Telegram’s global reach, we are very excited to see where they are headed.”
