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Pantera Capital, a crypto venture capital firm with over $5 billion in assets under management, invested in TON, The Block reported.
Pantera Capital announced the TON investment in its statement today and said:
“We believe TON has the capacity to introduce crypto to the masses as it is widely used on the Telegram network.
We believe that the TON network is still in its early stages and we are excited to witness the adoption of its ecosystem and new features by the Telegram user base.
The scalability of the TON network allows for a flat fee of ~$0.10 for transactions between two users; This is 66% cheaper than other crypto payment platforms. Additionally, built-in onramps and onramps, including bank transfers and exchanges, are being introduced to further facilitate access and use.”
TON is a Layer 1 blockchain network originally designed by messaging platform Telegram and maintained by the open source community.
After the news, TON price started to rise.
*This is not investment advice.