TON blockchain, which powers Telegram messenger applications, has raised $400 million in investments

The Open Network (TON) blockchain, which powers Telegram messenger applications, has raised $404 million in investments from well-known American venture capital companies

"The Open Network (TON) blockchain, used for Telegram messenger applications, has secured investments totaling $400 million from renowned American venture capital firms, including Sequoia Capital, Ribbit Capital, Benchmark Ventures, Kingsway Capital, and Draper Associates.

These investments in decentralized applications are made with Toncoin (TON) tokens. It is these coins, valued at over $400 million, that the aforementioned venture funds hold.

Over the past year, the number of active accounts on the TON blockchain has surged from 4 million to 41 million, while the count of Toncoin holders has surpassed 121 million. Interestingly, this figure exceeds the total number of Bitcoin wallets. Telegram itself has now reached 1 billion users, making it the second most popular messenger globally.

TON Foundation aims to engage 30% of active Telegram users with the TON blockchain by 2028. This will be achieved through four key initiatives:

1. Attracting users via their Telegram IP address with features like stickers, gifts, and collectibles.

2. Introducing engaging and useful multiplayer mini-games.

3. Providing DeFi solutions for easy-to-use savings options.

4. Developing practical payment applications.

Toncoin and related tokens have been experiencing rapid growth over the past week. Following a statement on Telegram, where Pavel Durov confirmed his return home to Dubai, the price of Toncoin rose by 24%.

Currently, the token is trading around $3.5, still a considerable distance from its peak of $8.24, reached in June 2024."