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Pantera Announces “TON Investment Opportunity” Fund

Pantera Capital

Raising money for a new fund to expressly invest in The Open Network’s Toncoin, doubling down on its past bet on the token, is crypto venture capital firm Pantera.

Called the “Pantera TON Investment Opportunity,” the fund seeks to generate money to purchase more TON tokens, according to an email The Block obtained from Pantera emailed to possible backers earlier this week. “We are kindly inviting you to participate in the forthcoming round of this investment opportunity,” the email says.

To guarantee an allocation in the fund, interested parties have been asked to show their interest in the possibility by June 21 via a form. According to the form, the minimum investment per backer is $250,000.

Pantera’s new TON fund follows closely after the company’s biggest TON investment ever since its 2003 establishment. Pantera did not reveal any deal terms at the time, although the email The Block found indicates the investment was made in the TON token “at a significant discount to the spot price” in March. Pantera formally disclosed the May investment.

Based on the most recent TON fund initiative, Pantera is quite optimistic about the token’s possibilities. Last month, Ryan Barney, a Pantera partner, said, “We believe the TON network is still in its early stages, and we are excited to see the Telegram user base adopt its ecosystem and new features.”

Originally the Telegram Open Network, the TON blockchain was first introduced by Telegram. But the business pulled out of the initiative when the US Securities and Exchange Commission asserted in 2019 that Telegram’s token sales -known as “Grams”- violated federal securities laws. Telegram and its affiliate, TON Issuer Inc., committed to pay a $18.5 million civil penalty and reimburse approximately $1.2 billion to investors in 2020.

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While Telegram has kept supporting the TON blockchain, the open-source community thereafter kept developing it on their own. The messaging behemoth earlier this year unveiled an ad revenue-sharing mechanism for channel owners that will pay just in the TON token and have a 50/50 income distribution between the platform and channel managers.

 

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