Pantera Capital Invests in Telegram’s TON for Web3 Adoption

May. 3, 2024
Pantera Capital Invests in Telegram’s TON for Web3 Adoption

Pantera Capital, a leading blockchain investment firm, has announced its investment in TON (Telegram Open Network), a Layer 1 network originally conceived by Telegram and further developed by the open-source community. This investment underscores Pantera’s confidence in TON’s potential to revolutionize cryptocurrency adoption on a massive scale.

In its official announcement, Pantera Capital emphasized TON’s unique advantage of being integrated into the Telegram messaging platform, which boasts over 900 million monthly active users. Leveraging Telegram’s extensive user base and intuitive user experience, Pantera believes TON has the potential to become one of the largest crypto networks.

Integrating Web3 into Large-scale Distribution

According to the official announcement, Telegram is a platform that embodies much of the crypto ethos and has key distribution channels. The platform outpaces Signal by ten times in monthly downloads. Such records indicate that in January 2024 alone, Telegram received more than 36.7 million downloads.

Moreover, it is the only major platform not burdened by regulatory obstacles; hence, it can seamlessly integrate Web3 for an open blockchain network. Pantera Capital believes that the shared Web3 ethos, together with massive-scale distribution, makes Telegram the best option for bringing crypto to the world.

The Telegram developed a blockchain initiative called the Open Network (TON). It is designed to create a decentralized network that can support many applications using the large user base of the app. TON has a multi-component ecosystem which includes TON Storage, TON DNS and TON Services.

Pantera notes that it created The TON Blockchain for high performance and scalability. It processes transactions quickly because of sharding, allowing it to handle millions of transactions per second while scaling well without sacrificing speed or security.

In its notes, Pantera compared TON with Ethereum and Solana, examining block time, time-to-finality, simple transaction performance, complex transaction performance, sharding support, and cross-shared communication. According to them, TON is the best choice.

Pantera Capital also offers simple sign-ups with Telegram, mentioning the use of Wallet, which connects users to mini apps where they can buy, sell, and manage tokens and NFTs through a single interface.

Over 360 million people are active on ‘mini-apps’ on Telegram each month, which include chatbots, mini-games and more. Pantera hopes that these ‘mini-apps’ will integrate cryptos to drive up the user base and improve their experience.

TON’s union’s earnings with the Fragment marketplace

Moreover, Pantera highlights TON’s capacity to unlock new earning opportunities for the Telegram community through its decentralized marketplace, Fragment. This demonstrates the platform’s ability to innovate in digital commerce. The Fragment shows the TON ecosystem’s monetization potential, selling $350M+ custom usernames and virtual phone numbers.

Moreover, Tether (USDT) recently announced the deployment of its stablecoin on the TON’s blTON’sain. This move signals growing industry recognition of TON’s potential, particularly in digital currency.

In a recent update, TON shared its success story, showcasing its increasing on-chain activity, monthly active users, and other key metrics. It reached new all-time highs, further affirming its path towards mass adoption.

Related Reading | BlackRock Leads $47M Strategic Funding Round for Securitize

Rida Fatima

News writer
An ardent wordsmith with a rich five-year background in delving into the realms of finance and cryptocurrencies. Alongside curating captivating blogs, Unique's talents extend to crafting imaginative and engaging content.