Explore the significant investments made by venture capital firms in Toncoin and its evolution into a blockchain for Telegram's mini-apps ecosystem.
The TON Foundation announced that venture capital companies have invested over $400 million in the Layer-1 digital currency Toncoin. These investors include Sequoia Capital, Ribbit, Benchmark, and several other companies. Ton was initially developed by the Telegram messaging platform as The Open Network, but in 2020, Telegram stepped back from the project due to legal issues with the U.S. Securities and Exchange Commission (SEC). The open-source community of developers then took over the management of this technology. Telegram users, reaching up to a billion monthly, can send Ton on the platform without the need to enter long wallet addresses. In January, Ton evolved into an exclusive blockchain for Telegram’s mini-apps ecosystem.
