Update (March 20 at 4:41 PM UTC): This article has been updated to clarify that the token sale was not directed at the TON Foundation.
The Open Network Foundation, also known as TON Foundation, said several venture capital firms invested more than $400 million in the TON blockchain, signaling growing interest in the Telegram messaging ecosystem.
Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere and Karatage participated in the investment by purchasing Toncoin (TON), the native cryptocurrency of The Open Network.
TON Foundation described the token purchases as strategic partnerships that will help expand the TON ecosystem, though no further details were provided.
TON blockchain is a decentralized network that supports the development of Mini Apps for the Telegram ecosystem. Although TON was initially developed by Telegram’s founders, it now operates as an independent chain.
As of January,