Toncoin Secures $400M Backing from Top Venture Firms

Toncoin (TON), a layer-1 blockchain project, has secured over $400 million in funding from venture capital firms, according to its development team.

The TON Foundation, responsible for overseeing the project, revealed that major investors include Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge, and Karatage.

Originally created by Telegram under the name Telegram Open Network, TON was abandoned by the messaging giant in 2020 after legal challenges from U.S. regulators. Following Telegram’s withdrawal, an independent developer community took charge of the open-source technology.

Despite Telegram no longer directly managing TON, its massive user base—exceeding one billion monthly active users—can still send the cryptocurrency within the app without the need for lengthy wallet addresses.

At the start of this year, TON was designated as the exclusive blockchain for Telegram’s Mini Apps Ecosystem, strengthening its integration with the platform.

Sequoia Capital partner Shaun Maguire highlighted the blockchain’s strong technological foundation and its unique position within Telegram’s global network, calling the TON team leaders in merging crypto infrastructure with user-friendly product design.