Pantera Capital, a crypto asset manager, made an announcement on Thursday regarding its investment in TON, a layer-1 altcoin. This news caused a small rally for the asset.
TON is the native token for a layer-1 blockchain that was initially developed by the encrypted messaging platform Telegram. However, Telegram separated from the project in 2020 due to a legal battle with the U.S. Securities and Exchange Commission (SEC). The Open Network, a community of developers, took over the management of the technology that same year.
Despite the separation, Telegram’s 700 million users can still send TON within the platform without the need for long wallet addresses. It is this connection to Telegram that influenced Pantera’s decision to invest in the project. Ryan Barney, a partner at the crypto asset manager, explained that they believe TON has the potential to introduce cryptocurrency to a wider audience because of its extensive use within the Telegram network. With over 900 million monthly active users, Telegram’s messaging platform is widely used for personal and group communications, community building, content sharing, and more. By combining Telegram’s large user base and seamless user experience with the growing ecosystem of TON, Pantera believes that TON could become one of the largest crypto networks.
Following the announcement, the price of TON increased from around $4.75 to $5.16, representing a rise of over 8.5%.
To stay updated with the latest news, readers can subscribe to receive email alerts or follow The Daily Hodl on various social media platforms. It is important to note that the opinions expressed at The Daily Hodl are not investment advice, and investors should conduct their own research before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are conducted at the individual’s own risk, and any losses incurred are their responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice. Please be aware that The Daily Hodl engages in affiliate marketing.
