Coinbase Ventures, the investment arm of crypto exchange Coinbase, announced the acquisition of Toncoin, the native cryptocurrency of the Open Network (TON), which powers Telegram’s web3 ecosystem.
Coinbase Ventures' Investment in Toncoin
The TON Foundation announced the investment on Monday via a post on X, describing it as a strong endorsement from one of the leading venture investors in the crypto industry. While the size of Coinbase Ventures’ position is undisclosed, the foundation emphasizes the symbolic importance of the firm's involvement.
Direct Token Acquisition from Telegram
TON Foundation President Manuel Stotz mentioned that Coinbase Ventures purchased the TON tokens directly from Telegram, highlighting the strategic nature of the deal. Although specific transaction details were not disclosed, the move is seen as a strengthening alignment between one of the largest U.S. crypto investors and a project with a significant built-in audience.
Growing Institutional Interest in TON
The TON Foundation's announcement also highlighted other major backers, such as Sequoia Capital and Animoca Brands. The TON blockchain attracts institutional investors due to its unique integration with Telegram, providing a ready-made user base and distribution channel. However, some investors express concerns about dependency risks if Telegram's priorities shift.
Coinbase Ventures' investment in Toncoin underscores confidence in TON's ability to bridge social media and blockchain services. This opens up possibilities for further institutional interest in the project, especially if TON continues its integration with Telegram.
