Sequoia Capital, Ribbit, Benchmark and Kingsway Invested Over $400 Million Buying the Toncoin Cryptocurrency

The Open Network Foundation, or TON Foundation, said on Thursday that a group of VCs including Sequoia Capital, Ribbit, Benchmark and Kingsway invested over $400 million buying the Toncoin cryptocurrency.

A group of venture capital firms, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, have invested over $400 million buying the Toncoin cryptocurrency, the Open Network Foundation, or TON Foundation, said on Thursday.

TON is the blockchain used to power the growing number of mini apps that function within the Telegram's messaging app ecosystem.

"These venture capital firms have invested over $400 million in Toncoin, which is the native cryptocurrency of the TON blockchain," according to a TON Foundation spokesperson. "The funding is provided in the form of Toncoin, rather than traditional equity or cash."

During the past year, TON blockchain's active user numbers have surpassed 40 million while there are 121 million "unique" holders of Toncoin, according to a statement.

"The TON team is the best in the world at the intersection of consumer product thinking and crypto infrastructure. When you combine this with the global distribution of Telegram, we’re very excited to see where they go." Shaun Maguire, a partner at Sequoia Capital said in a statement.

Other investors included Vy Capital, Draper Associates, and Libertus Capital are also key backers, alongside CoinFund, Hypersphere, SkyBridge, and Karatage.

"Essentially, these VCs are placing their bets on the future success and utility of the TON blockchain, its growing ecosystem, and its potential to provide real-world utility for crypto holdings, especially within Telegram," the TON Foundation spokesperson also said.

Toncoin's high level of interest

Venture capital firms interested in TON blockchain, due in large part to its strong connection to the Telegram messaging app which now boasts 1 billion users, have been acquiring Toncoin for quite some time. Last year, Pantera Capital made two separate investments in Toncoin tokens.

Animoca Brands co-founder and executive chairman Yat Siu also said in 2024 that his company had first started buying TON tokens when it was trading hands below $1. While Toncoin has retreated from a high of over $8.00, achieved in mid-2024, and currently trades at about $3.75, it remains a top 20 cryptocurrency with a market cap of over $9 billion, according to The Block Price Page.

Interest in the TON blockchain and Telegram mini apps reached fever pitch last year after clicker games like "Notcoin" and "Hamster Kombat" spurred rapid growth in the number of people using the messaging app to engage with the crypto ecosystem.