Deniz 
Shortly after making the biggest investment in the token earlier this year, this week I broke the scoop that Pantera Capital was raising money for a second investment in the coin. Later research revealed Pantera Capital wasn’t alone in this.
The TON token is also the largest token owned by Kingsway Capital; its founder and CEO, Manuel Stotz, informed me (not before publication). Over two years ago, Stotz claimed, Kingsway began purchasing the TON token, much ahead of Pantera.
Ryze Labs, formerly Sino Global Capital, also significantly owns the TON coin. Again, not previously revealed, Matthew Graham, founding and managing partner, told me Ryze has been a “large buyer” of the TON token “for some time now.”
According to co-founder and executive chairman Yat Siu, Animoca Brands began purchasing the TON token when it was less than $1. Siu said the company continued to purchase the token at $1, at $1.50, and at $2. Currently trading at about $7.65, TON has grown to be the ninth-largest cryptocurrency based on market value. On the TON blockchain, or The Open Network, Animoca is also the biggest validator, Siu said.
Exclusive Connection with Telegram
The TON token appeals mostly to these investors because of its exclusive and unique connection with Telegram, the messaging app powerhouse with around 900 million monthly active users. “To me, the TON token represents a distribution play,” Siu said.
Animoca, a game developer and publisher, sees the TON blockchain’s connection with Telegram as a means to onboard hundreds of millions of users to Web3 and ultimately a billion people, Siu added. Built on the TON blockchain and available through Telegram as mini-apps, certain recent games, including Notcoin and Hamster Kombat, have garnered great popularity.
Potential of TON in Financial Applications
Citing its potential to enable payments across a large user base and future financial applications through the Telegram app, Galaxy Ventures’ General Partner Will Nuelle also expressed optimistic ideas on the TON token long-term.
Driven generally by its “massive built-in distribution,” Nuelle said the TON network is a “great candidate” to create Layer 1 network effects. Regarding whether Galaxy Ventures has made investments in the TON coin, Nuelle responded, “Galaxy is generally involved with major ecosystems across a myriad of its business lines.”
According to Graham of Ryze Labs, there is a significant possibility presented by the TON network’s development toward a WeChat-like ecosystem of mini-apps paired with crypto capabilities. Recent advancements, like the use of the TON token for ad payments, creator compensation, and in-app USDT stablecoin peer-to-peer transactions, have resulted in even more development.
Graham said Solana and TON could question Ethereum’s hegemony going forward. He did admit, though, that the TON ecosystem is still in its early phases and that many basic primitives still need to be evolved. Furthermore, he noted, the accessible development tools, frameworks, and libraries are less strong than those of more seasoned blockchains.
Nuelle also mentioned a major TON network issue: it is overly opaque. He added that he would urge developers to keep expanding their block explorer and on-chain data sources and features.
Driven by Telegram’s large user base and significant investment support, the TON token has attained a $18.8 billion market capital value. Given the token’s great value for a somewhat young ecosystem, it most likely has great expectations to fulfill.
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