Pantera Capital Invests in Telegram-Integrated The Open Network, Eyeing its Potential as a Crypto Leader
Summary:
Crypto-focused venture capital firm, Pantera Capital, has made another investment in The Open Network (TON), praising its integration with Telegram. Pantera lauds the network's potential to become a leading crypto platform owing to the messaging service's 900 million monthly users. The firm also highlighted how new TON-based applications are offering diverse trading options and how Telegram provides new monetization opportunities.
The crypto-centric venture firm, Pantera Capital, has made an additional undisclosed investment in The Open Network (TON), underscoring its relationship to the Telegram messaging platform. Pantera attributes the potential for TON to eventually become one of the major crypto networks to Telegram's April decision to incorporate it. Telegram, boasting 900 million monthly users and a download rate of 36.7 million per month, is believed by Pantera to be in an advantageous position to introduce crypto to the global stage, due to its Web3 ethos.
In a comprehensive and optimistic blog post featured on Pantera's website, the firm extols the merits of TON. The TON blockchain's architecture provides performance and scalability parallel to top-ranking blockchains, it writes, and its wallet delivers high functionality via a user-friendly interface. Pantera also commends the mini-apps TON enables on Telegram.
The company highlighted a notable instance from earlier this year when memecoin trading tools, such as BonkBot, generated multi-million dollar revenue through Telegram's user interface. Current TON-based applications, such as StormTrade, allow users to trade across various assets, including perpetuals, cryptocurrencies, stocks, and equities, using the same interface.
Telegram is also offering new revenue-generation opportunities in the form of ad revenue shares and tradeable customised usernames, virtual phone numbers, and emojis. Pantera signals the integration of Telegram and TON as a significant event. Originally, TON was designed to integrate with Telegram, but these plans were halted by the United States Securities and Exchange Commission. After TON's relaunch by independent developers, Telegram was finally able to incorporate it, becoming the only major messaging platform to incorporate Web3. In contrast, Messenger and WeChat faced regulatory issues and limited scope of digital currency usage, respectively.
With four funds overseeing $5.2 billion worth of assets, Pantera confirmed the creation of a $1 billion fund in April. At the time of publication, Pantera Capital had not responded to Cointelegraph's request for additional details.
Published At
5/2/2024 8:48:29 PM
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