The TON Foundation announced that Coinbase Ventures has acquired Toncoin (TON) directly, joining other major venture firms in supporting The Open Network's vision. This strategic investment—conducted through token purchase rather than traditional equity—signals growing institutional confidence in TON's plan to integrate cryptocurrency into Telegram's ecosystem of over 1 billion monthly active users.
According to the foundation, Coinbase Ventures now holds an undisclosed amount of Toncoin, following a similar $400 million direct purchase earlier this year by firms including Sequoia Capital, Ribbit Capital, Paradigm, and Benchmark. This approach emphasizes belief in the token's utility within TON's product ecosystem rather than company shares. TON's growth strategy leverages Telegram's mini-apps platform, which has hosted viral applications like Notcoin that attracted 650,000+ users at their peak.
The foundation is also advancing plans to establish a dedicated crypto treasury company holding at least $400 million in Toncoin to ensure long-term ecosystem stability. While TON's DeFi total value locked (TVL) reached record highs near $800 million in early 2024, it has since moderated to $152 million amid fluctuating user engagement with clicker apps.