Telegram-Affiliated Toncoin Gets Coinbase Ventures’ Backing
Coinbase Ventures, the investment division of cryptocurrency exchange Coinbase (NASDAQ:COIN), has taken a position in Toncoin, the native asset of The Open Network (CRYPTO: TON) blockchain, the platform underpinning Telegram‘s web3 infrastructure.
What Happened: The TON Foundation disclosed the move in a Monday post on X, describing the backing as a significant signal of confidence, though without revealing the size of the holding.
Manuel Stotz, president of the TON Foundation, founder and CEO of Kingsway Capital, and incoming executive chairman of TON-focused digital asset treasury firm Verb Technology (NASDAQ:VERB), confirmed to The Block that Coinbase Ventures purchased the tokens directly from Telegram.
He declined to share the investment amount.
A Coinbase Ventures …
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