Crypto Venture Capital Giant Raises Funds to Support Telegram-Connected Blockchain Network
The interest of cryptocurrency investors continues to focus on the Blockchain network TON, associated with the messaging application Telegram. According to documents submitted to the U.S. Securities and Exchange Commission, Pantera Capital, one of the largest hedge funds in the crypto world, has raised $20 million to invest in the cryptocurrency Toncoin.
The applications reveal that Pantera Capital secured cash from at least 29 investors through two separate funds. It is noted that both funds conducted their initial sales in July. The company communicated with investors in June, establishing a minimum participation amount of $250,000.
Pantera's earlier investment stands out. Pantera Capital's two new funds related to Toncoin are a continuation of a previous investment that was announced in May and also focused on the Telegram-linked cryptocurrency. The firm had described this investment as the largest in its 21-year history. However, no information about the total size of the investment was shared.
Following these developments, there has been no response to requests for comments from the company regarding the matter. However, it seems that Pantera Capital's interest in TON coincides with the increasing excitement of other crypto investors towards the project.
The arrest of Telegram CEO Durov. Pantera Capital's move towards TON occurred despite the arrest of Telegram CEO Pavel Durov in France in August. Durov was detained on the grounds of allegedly refusing to cooperate regarding various crimes and other criminal activities conducted via Telegram.
After his arrest, Durov was released on bail in France. However, this event caused significant drops in the price of Toncoin, leading to concerns among investors that resulted in a brief period of uncertainty.
Toncoin's recovery process. The TON community managed to maintain its faith in the project despite Durov's detention. Alex Felix, one of the directors at CoinFund, stated in an announcement in August that TON is built on strong fundamentals. Additionally, at a Blockchain conference held in Dubai in November, participants noted that the ecosystem had moved past this situation.
Jack Booth, one of the founders of TON Society, commented during the conference that although there were some challenges in the early weeks of the process, the news cycle had progressed. These statements supported the community's positive expectations for the future.
Current status of TON price. The general volatility in the crypto market following Donald Trump's victory in the U.S. presidential elections has contributed to the recovery of Toncoin. The token has regained a significant portion of its losses since Durov’s arrest.
According to the latest data, Toncoin's price is trading near the level on the date of Durov's detention. On Monday, Toncoin briefly rose to $6.89 before falling back to $6.35. Today, the cryptocurrency is moving with positive momentum, currently valued at around $6.70, reflecting a 2% increase. However, the token continues to trade approximately 20% below its peak reached in June.
These developments indicate that TON will continue to be a strong player in the crypto world, and Pantera Capital's investment move reinforces confidence in the project.