Coinbase Ventures Officially Holds Toncoin – A New Step for The Open Network.
On August 11th, according to information from TON Foundation, Coinbase Ventures has officially become an investor holding Toncoin, the cryptocurrency associated with The Open Network (TON) ecosystem. Currently, the scale of Toncoin that Coinbase Ventures owns has not been disclosed, but this move is seen as a strong "vote of confidence" in the future of this blockchain network.
Mr. Manuel Stotz – Chairman of TON Foundation, founder and CEO of Kingsway Capital, and soon to take on the role of Executive Chairman of Verb Technology (a DAT company specializing in TON) – revealed to The Block that Coinbase Ventures has directly purchased Toncoin from Telegram. However, he declined to share the value of the transaction.
TON Foundation emphasizes that Coinbase Ventures joining the ranks of investors following giants like Sequoia Capital, Benchmark, and Ribbit Capital is an important signal, showing the increasing attraction of TON in the tech finance world. This participation is expected to accelerate the speed of practical application and cryptocurrency popularization, especially when leveraging the Telegram ecosystem with billions of global users.
Coinbase Ventures also confirmed this is a long-term venture investment in TON, but did not disclose the seller, transaction time, or purchase amount. The fund's representative stated: "Investing in tokens is a common structure for on-chain projects and aligns with how many Venture Capital funds participate in the blockchain ecosystem."
In recent years, TON has made significant breakthroughs after being deeply integrated into Telegram features, such as direct payments using Toncoin, Non-Fungible Token transactions, and near-instant cross-border money transfers. This helps Toncoin become not just a digital asset for investment, but also a practical payment method easily accessible to the public.
