Pantera Capital, a crypto asset manager, made an announcement on Thursday stating that it will be investing in TON, an altcoin that operates on a layer-1 blockchain. This news caused a slight increase in the value of the asset.

TON is the native token for a layer-1 blockchain that was originally developed by Telegram, an encrypted messaging platform. However, in 2020, Telegram had to separate from the project due to a legal dispute with the U.S. Securities and Exchange Commission (SEC). The management of the technology was taken over by the Open Network, a community of developers that operates on an open-source basis.

Despite Telegram’s departure, TON can still be sent by the platform’s 700 million users without the need for long wallet addresses. This connection to Telegram was a key factor in Pantera’s decision to invest in the project, as stated by Ryan Barney, a partner at the crypto asset manager.

Barney believes that TON has the potential to introduce cryptocurrency to a wider audience because of its extensive use within the Telegram network. Telegram boasts over 900 million monthly active users on its messaging platform, which is known for its speed, security, and future-oriented features. It is used for personal and group communications, building large-scale communities, sharing content, and more.

By leveraging Telegram’s large user base and user-friendly interface with the dynamic ecosystem of TON, Barney believes that TON could become one of the largest crypto networks.

Following the announcement, the value of TON rose from around $4.75 to $5.16, marking an increase of more than 8.5%.

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