This Altcoin Raised $400 Million in Investment, Price Soared!

Telegram-based TON Foundation has raised more than $400 million through a token sale, The Block reported.

The TON Foundation said on Thursday that it has raised over $400 million through the sale of Toncoin (TON) from a group of venture capitalists including Sequoia Capital, Ribbit, Benchmark and Kingsway.

“Leading venture capital firms have invested more than $400 million in Toncoin, the native cryptocurrency of the TON blockchain.

Funding is provided in the form of Toncoins rather than traditional equity or cash.”

In addition to Sequoia Capital, Ribbit, and Benchmark, other important names among the investors were Vy Capital, Draper Associates, Libertus Capital CoinFund, Hypersphere, SkyBridge, and Karatage.

Following the news, the TON price started to rise.

*This is not investment advice.