Crypto-focused Investment management firm Pantera Capital has revealed its bet in Layer-1 blockchain protocol Toncoin (TON). It noted that this funding, with undisclosed size, is its largest capital injection in any firm to date.
Toncoin (TON) Uniqueness in the Spotlight
The Pantera investment in TON comes amid a strong conviction in the protocol’s potential. Originally developed by Telegram under Co-Founder Pavel Durov, Toncoin is now managed by the community through The Open Network (TON).
With 23,000 crypto projects, Dan Moorhead, Pantera’s Managing Partner said most projects have a hard road to navigate. However, the technological capabilities of Toncoin have set it apart.
99.999% of blockchain projects are a tech idea trying to create a community – from nothing. According to CoinMarketCap there are more than 23,000 cryptocurrencies. That’s a hard road for most.@telegram is a community integrating blockchain technology. That’s just got to be…
— Dan Morehead (@dan_pantera) May 9, 2024
Compared with two of the most revered chains Ethereum and Solana, Toncoin outranks with its less than 6 sec Time-to-Finality. The Toncoin team also designed the protocol such that it can efficiently perform complex transactions with near-instant cross-shared communication.
Toncoin has a unique roadmap that will see it leverage Telegram’s user base to roll out its products. The first in line is a blockchain wallet that will ensure true privacy and freedom. The underlying token TON boasts a sharding technology that makes it easy to onboard millions of users.
Pantera Support Build-Up
Prior to this investment announcement, Pantera has played a role in bolstering the appeal of the Toncoin project. As reported earlier by BGEcrypto, the blockchain named Pantera Capital as one of its key TON Node Validators. As a validator, the investment management firm plays a role in helping to shape its governance structure.
The protocol has showcased its resilience in a market that is currently dampened by bearish sentiment. However, TON has decoupled from Bitcoin’s influence lately, soaring by more than 11% in 24 hours to $6.41. While Bitcoin is up by 6% over the past month, TON has rallied by over 22%.
The Pantera backing has helped validate an earlier thesis from a top analyst that the best is yet to come for Toncoin.
