Bitget App
Trade smarter
Buy cryptoMarketsTradeFuturesCopyBotsEarn
Billion Dollar Investment Company Pantera’s $100 Million Altcoin Revealed

Billion Dollar Investment Company Pantera’s $100 Million Altcoin Revealed

BitcoinsistemiBitcoinsistemi2024/08/30 08:57
By:Mete Demiralp

According to the latest information, the altcoin invested by cryptocurrency-focused investment company Pantera has emerged. Here are the details.

The recent detention of Telegram founder Pavel Durov is causing repercussions in the crypto venture capital sector, particularly among firms that have invested heavily in Toncoin, a cryptocurrency closely tied to the popular messaging app.

Notable crypto venture capital firms such as Pantera Capital Management, Animoca Brands, and Mirana Ventures have significant holdings of Toncoin tokens, which are used for activities such as instant payments on Telegram.

Pantera Capital, one of the largest crypto-focused venture capital funds, reportedly invested over $100 million in Toncoin earlier this year, according to a source familiar with the matter. Toncoin’s appeal was largely due to the belief that Telegram, with its large user base of 900 million, would evolve into a digital asset “super app” similar to China’s WeChat, where Toncoin could be used for a range of activities from payments to blockchain-based gaming.

This optimism led to a surge in Toncoin’s value, with the token quadrupling in price between February and early July. At its peak, the total value locked (TVL) on its blockchain briefly surpassed $1 billion.

Following Durov’s arrest near Paris on August 24, Toncoin’s value dropped by around 20%, but it has since recouped some of those losses. As reported by DefiLlama, the total value locked on the TON blockchain has also fallen to $573 million.

Related News A Miner Trying to Mine Alone Has a Major Windfall: 200.000 Dollars

Pantera Capital, which described Toncoin as its largest investment, did not disclose the exact amount invested. The California-based firm controls approximately $5 billion in assets.

Pantera purchased Toncoin at a 40% discount to its current market price, a source said. Despite recent market volatility, Pantera’s investment remains profitable based on the average price of $6.32 in May when the deal was announced.

*This is not investment advice.

0

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

PoolX: Locked for new tokens.
APR up to 10%. Always on, always get airdrop.
Lock now!

You may also like

Flash Monday: Buy crypto with a credit/debit card for zero fees

Every Monday, enjoy zero fees when using your local fiat currency with a credit or debit card ( Visa, Mastercard, Google Pay Apple Pay)! Buy Crypto Promotion period: Every Monday 8:00 PM – Tuesday 8:00 PM (UTC+8) Promotion rules Sign up for a Bitget account or log in to your existing account. Navig

Bitget Announcement2024/11/25 02:47