The cryptocurrency Toncoin (TON) has resumed its upward trajectory following an investment from venture firm Pantera Capital, which manages assets exceeding $5 billion, reports The Block.
“We believe that TON can bring crypto to the masses, as it is widely used in the Telegram ecosystem,” noted company representatives.
According to them, the platform is still in its early stages of development. Pantera Capital is “eagerly anticipating” further ecosystem development and “adoption of new functionality.”
“The scalability of the TON network allows for a fee of ~$0.1 for transactions between users. This is 66% less than on other cryptocurrency payment platforms,” the company representatives emphasized.
They added that integration with exchanges and other financial services is gradually occurring, easing access to the ecosystem.
Over the past day, the price of TON increased by 7.7%, according to CoinGecko. However, amid a broader market correction, the price has dropped 7.3% over the past week.
At its peak, the TON rate reached $7.63 (April 11).
Other Integrations
On May 2, TON developers announced the integration of the platform with the on-chain analytics service Arkham Intelligence.
? @ArkhamIntel has joined forces with #TON!
Soon, 900M @telegram users will be able to access Arkham data seamlessly through a Telegram Mini App. Arkham will also include TON support on their platform! ?
Learn more ⬇️ https://t.co/j1WqvMEbN4
— TON ? (@ton_blockchain) May 2, 2024
“Soon, 900 million Telegram users will be able to seamlessly access Arkham data through a mini app. Arkham will also add TON support to their platform!” project representatives noted.
On May 1, integration with Layerswap was implemented.
?Simplifying your crypto experience within #TON ecosystem!
Now you can send $USDC from any network and get $USDT on @ton_blockchain.
Swap Now ➡️ https://t.co/RJtvh72JVH pic.twitter.com/67LtIu2Xay
— Layerswap (@layerswap) May 1, 2024
“Now you can send USDC from any network and receive USDT on the TON blockchain,” wrote representatives of the cross-chain platform.
At the end of last month, the analytical platform CryptoQuant joined the TON ecosystem.
In April, the company behind the USDT stablecoin, Tether, added support for The Open Network blockchain. The corresponding functionality appeared in the Telegram Wallet.
In the same month, TON developers announced a 2.5-fold reduction in fees. The decision was approved by validators.
Also in April, Telegram founder Pavel Durov announced Toncoin payments for content creators.