Venture capital firms invest $400M in TON blockchain

Several venture capital firms, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, have collectively invested over $400 million in Toncoin (CRYPTO:TON), the native cryptocurrency of the TON blockchain.

This strategic investment reflects growing institutional confidence in the Telegram ecosystem and the potential of TON to leverage Telegram's massive user base for widespread cryptocurrency adoption.

As of March, Telegram had reached a milestone of 1 billion monthly active users, while the TON blockchain had grown to 41 million native accounts, up from just 4 million in the previous year.

Toncoin is currently the only cryptocurrency accepted for services within the Telegram app, further integrating the blockchain into the messaging platform's ecosystem.

The TON Foundation aims to onboard 30% of Telegram's active users onto the blockchain within the next three years, focusing on expanding decentralised finance tools, mini-games, and in-app payment solutions.

This ambitious goal is supported by the significant growth of Toncoin holders, which now exceed 121 million, surpassing the number of Bitcoin wallet holders.

Shaun Maguire, a partner at Sequoia Capital, praised the TON team's expertise in combining consumer product thinking with crypto infrastructure, highlighting the potential for growth driven by Telegram's global distribution.

The investment is seen as a strategic partnership rather than a traditional fundraising round, demonstrating long-term confidence in the utility and value of Toncoin within the TON ecosystem.

At the time of reporting, the Toncoin (TON) price was $3.70.