The Open Network Foundation, or TON Foundation, said on Thursday that a group of VCs including Sequoia Capital, Ribbit, Benchmark and Kingsway invested over $400 million buying the Toncoin cryptocurrency.
TON is the blockchain used to power the growing number of mini apps that function within the Telegram's messaging app ecosystem.
"These venture capital firms have invested over $400 million in Toncoin, which is the native cryptocurrency of the TON blockchain," according to a TON Foundation spokesperson. "The funding is provided in the form of Toncoin, rather than traditional equity or cash."
During the past year, TON blockchain's active user numbers have surpassed 40 million while there are 121 million "unique" holders of Toncoin, according to a statement.
"The TON team is the best in the world at the intersection of consumer product thinking and crypto infrastructure. When you combine this with the global distribution of Telegram, we’re very excited to see where they go." Shaun Maguire, a partner at Sequoia Capital said in a statement.
Other investors included Vy Capital, Draper Associates, and Libertus Capital are also key backers, alongside CoinFund, Hypersphere, SkyBridge, and Karatage.
"Essentially, these VCs are placing their bets on the future success and utility of the TON blockchain, its growing ecosystem, and its potential to provide real-world utility for crypto holdings, especially within Telegram," the TON Foundation spokesperson also said.
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