TON Token Surges After $400 Million Investment from Venture Capital Firms
Toncoin (TON) Price Surge
- Toncoin's price increased by over 8% to above $3.8 following an announcement of $400 million investment from venture capital firms.
- Investors include Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage.
- This investment is not a fundraising round; VCs aim to support the future utility of the TON Blockchain.
- Current price shows a 2% increase over the last 24 hours.
- TON was developed by Telegram but operates independently due to regulatory issues after a 2020 SEC lawsuit settlement.
- Telegram CEO Pavel Durov was arrested in France in August, causing fluctuations in Toncoin's value.
- Pantera Capital announced its largest investment ever in TON in May, though the amount remains undisclosed.
- The token's price has decreased by 54% since reaching a peak above $8 in June.