Toncoin (TON), a layer-1 blockchain project, has secured over $400 million in funding from venture capital firms

The TON Foundation, responsible for overseeing the project, revealed that major investors include Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital

Toncoin (CRYPTO: TON), a layer-1 blockchain project, has secured over $400 million in funding from venture capital firms, according to its development team.The Foundation for Technical Development of the Open Network (FTD.NET) is responsible for overseeing the project, which is a fork of the original Telegram Open Network (TON) project. The project was originally announced by messaging giant Telegram in 2018 but abandoned in 2020 amid legal challenges from U.S. regulators.

Following Telegram’s withdrawal, an independent developer community took charge of the open-source technology, forking it to create Toncoin.

The venture capital firms that invested in Toncoin include Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage, among others, FTD.NET said.

Despite Telegram no longer directly managing Toncoin, its massive user base—exceeding one billion monthly active users—can still send the cryptocurrency within the app without the need for lengthy wallet addresses.

At the start of this year, Toncoin was designated as the exclusive blockchain for Telegram's Mini Apps Ecosystem, further strengthening its integration with the platform.

Sequoia Capital partner Shaun Maguire said that the blockchain has a strong technological foundation and is in a unique position within Telegram's global network.

"The team is a clear leader in merging best-in-class crypto infrastructure with best-in-class consumer product design," Maguire added.