Pantera Capital, a leading hedge fund and venture capital firm in the cryptocurrency space, has secured $20 million to invest in Toncoin, the cryptocurrency linked to the Telegram Open Network TON/USD.
What Happened: This development was revealed in documents filed with the U.S. Securities and Exchange Commission (SEC) on Monday, according to a DL News report.
The filings indicate that Pantera raised the funds through two separate investment vehicles, gathering commitments from at least 29 investors.
Both funds commenced their first official sales in July, following initial outreach to investors in June.
Reports suggest the minimum investment required was $250,000.
This marks Pantera's continued investment in Toncoin, building on what the firm previously called its "largest" investment in its 21-year history.
However, Pantera has not disclosed specific figures for its total stake in the cryptocurrency.
Despite inquiries, the firm has not issued a public comment on its latest fundraising.
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Why It Matters: Pantera's enthusiasm for Toncoin mirrors the broader optimism among crypto investors, even in the face of controversies involving Telegram CEO Pavel Durov.
French authorities detained Durov in August, charging him with preliminary allegations of non-cooperation with law enforcement over criminal activities on Telegram, including the distribution of illicit material and narcotics sales.
Durov, who is currently out on bail, has denied the allegations.
The arrest initially led to a decline in Toncoin's value. However, key players in the TON ecosystem remained optimistic.
"The fundamental case for TON remains compelling," Alex Felix, managing partner at CoinFund, said in August.
The sentiment was echoed at a blockchain conference held in Dubai in November, where attendees expressed confidence in the project's resilience.
"It certainly was a bit bad for a couple of weeks," said Jack Booth, co-founder of TON Society, the organization behind the conference. "But the news cycle moves on."
Toncoin has since regained most of its losses, buoyed by a broader rally in the cryptocurrency market following Donald Trump's victory in the U.S. presidential election.
Toncoin is trading at $7.14 on Wednesday morning, down 13% from its all-time high of $8.25 last seen on Jul. 15 this year.
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