Venture Firms Amass $400 Million in TON

The organization behind The Open Network (TON), the TON Foundation, has revealed that leading venture capital firms hold over $400 million in Toncoin.

?TON Foundation recently disclosed over $400M in $TON held by top VCs, including @sequoia, @RibbitCapital, @benchmark, Kingsway, Vy Capital, @drapervc, Libertus Capital, @coinfund_io, @hypersphere_, @SkyBridge, and @Karatage_

Let’s welcome them to the ecosystem and read the… pic.twitter.com/7emJ6ARBbA

— TON ? (@ton_blockchain) March 20, 2025

This includes Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, SkyBridge, and others.

“Essentially, these venture firms are betting on the future success and utility of the TON blockchain, its growing ecosystem, and its potential for real-world crypto asset applications, especially within Telegram,” a representative of the organization commented to The Block.

Toncoin responded to the news with a 3.8% increase in the last hour, according to CoinGecko. At the time of writing, the price stands at $3.7.

Earlier, developers of The Open Network discussed updates planned for the first half of 2025. Key changes include the launch of a second-layer payment network, user interface improvements, and more.

Back in January, Telegram banned the creation of Web3 applications on networks other than TON, entering into an agreement with the TON Foundation, which is responsible for the ecosystem’s development.

By the end of 2024, the blockchain project’s team reported 36.2 million crypto wallets created. The number of Toncoin holders exceeded 100 million, with up to 40 million accounts showing monthly activity.

Update (21.03.2025, 16:30 MSK/15:30 Kyiv): Changes have been made to the title and the first paragraph of the article.