This is the result of Pantera Capital's fundraising efforts, which were launched back in June through two separate funds.
Pantera Capital wants to "inject" an additional $20 million into the Toncoin (TON) blockchain
According to a filing with the U.S. Securities and Exchange Commission (SEC), the famous crypto-focused investment firm Pantera Capital has raised $20 million to invest in the Toncoin (TON) cryptocurrency of The Open Network - a blockchain project associated with the Telegram messaging app.
The SEC filing reveals that Pantera Capital has raised capital from at least 29 investment funds through two separate funds, with the first capital call made in July. Both funds were officially approved on November 27. This is the result of Pantera Capital's fundraising efforts, which were launched back in June with a minimum participation of $250,000.
Previously, in early May, Pantera Capital said it had allocated an undisclosed amount of funds to TON, but confirmed that this is the largest investment in the fund's history. At the time, The Block claimed that Pantera had purchased a large amount of tokens at a discounted price compared to the market, but had to accept a long lock-up period.
Pantera Capital's optimism about TON reflects the enthusiasm of many crypto investors in the current cryptocurrency market, despite the fact that Telegram CEO Pavel Durov was arrested in France in August on numerous charges of complicity in criminal activities on his messaging app, leading to a decline in the TON token price.
The CEO, after a few days "entangled in the legal system", announced that he would increase content moderation of criminal activities, but was also ready to leave countries that are not legally friendly. Durov himself has also placed his faith in the decentralized nature of cryptocurrencies and has held Bitcoin for the past 10 years.
Currently, Durov has been released on bail of $5 million in France, but must remain in this territory to await trial.
Thanks to the general recovery of the crypto market after the U.S. presidential election victory of Donald Trump, TON has almost regained all of its lost value since Durov's arrest.
At the time of writing, TON is currently trading around $6.65, up nearly 20% from the price at the time of Durov's arrest. In the last 24 hours, the cryptocurrency representing The Open Network blockchain has also shown a 2% growth.
1D chart of the TON/USDT pair on the Binance exchange at 07:50 PM on 03/12/2024
Compiled by Coin68
Join the discussion on the hottest DeFi issues in the Fomo Sapiens chat group with the Coin68 admins!!!
