Pantera Capital invests in TON blockchain, looking to capitalize on Telegram users

Pantera Capital, a crypto venture capital firm with over $5 billion worth of assets under management, has invested in The Open Network ( TON -1.14% ) blockchain.

"We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network," Pantera Capital said Thursday. TON is a Layer 1 blockchain network initially designed by the messaging platform Telegram and continued by the open-source community.

Pantera's investment in TON comes as the Layer 1 blockchain has recently garnered attention. In February, Telegram revealed a plan to share ad revenue with channel owners and pay rewards using the Toncoin (TON) token. Telegram recently implemented that plan and allowed users to purchase in-platform ads with TON.

Given Telegram's massive reach of over 900 million monthly active users and over 1 trillion views in channels every month, TON can potentially bring mass adoption of crypto, according to Pantera Capital.

"We believe the TON network is still in its early stages, and we are excited to witness the adoption of its ecosystem and new features by the Telegram user base," the firm said.

Telegram users can now also start making Tether (USDT) stablecoin payments to each other through the TON network. Tether and the TON Foundation enabled the feature last month.

"The TON network's scalability allows for a fixed fee of ~$0.10 for transactions between two users — that is 66% cheaper than other crypto payment platforms," Pantera Capital said. "Additionally, built-in on-ramps and off-ramps, including bank transfers and exchanges, are being made available to further facilitate access and use."

TON has recently grown to become the 10th largest cryptocurrency, with a market cap of $16.8 billion, according to The Block's Toncoin Price Page. One TON is trading at around $4.80 at publication time.

Pantera Capital in full swing

Pantera Capital's investment in TON comes as the venture firm has reportedly also been buying discounted Solana (SOL) tokens auctioned off by the administrators managing the bankruptcy of the former FTX cryptocurrency exchange.

Pantera is also raising a new $1.25 billion fund to invest in startup equity, early-stage tokens, liquid tokens, and other assets, according to a document seen by The Block. The new Fund V has a $1 million minimum investment for qualified investors, and the first close is slated for Apr. 1, 2025. Limited partners will need to contribute at least $25 million to the fund, according to the document.

Founded in 2003, Pantera Capital is one of the largest and most active crypto venture capital firms in the world. The firm has invested in more than 180 crypto startups to date, according to data from The Block Pro's Deals Dashboard.

(Updates to say Tether and the TON Foundation enabled USDT transfers on TON via Telegram).