The cryptocurrency venture capital firm Pantera Capital has made a significant investment in The Open Network (TON) ecosystem, claiming it is the largest in its history. TON's native token, Toncoin (TON), experienced a 13% surge on May 10 in response to this announcement. Pantera Capital is optimistic about TON's potential to bring cryptocurrency to a wider audience due to its close ties with the Telegram network.

Pantera Capital did not disclose the exact amount of their investment, but it is speculated to be over $250 million. This investment in TON follows the firm's acquisition of Solana (SOL) assets at a discounted rate from the bankrupt FTX exchange. The price of TON rose above $6.8, approaching the $7 mark, which is close to its previous all-time high of $7.25.

The backing from Pantera Capital aligns with Pavel Durov's plans to integrate TON into Telegram by introducing new features and allowing users to access their accounts using crypto wallets. Despite facing regulatory challenges from the SEC regarding its initial coin offering (ICO) for Gram tokens, Telegram continues to strengthen its ties to the TON ecosystem by incorporating Toncoin into its advertising revenue-sharing system.