Coinbase Ventures Bets Big on Toncoin – TON Foundation Confirms Strategic Investment

Another day, another crypto heavyweight throws cash at blockchain's shiny new toy. The TON Foundation just confirmed Coinbase Ventures took a position in Toncoin—because nothing says 'trust us' like a VC stamp of approval.

Why this matters:

When Coinbase's investment arm moves, markets notice. Their Toncoin play signals serious institutional interest in Telegram's abandoned-but-revived blockchain project. Smart money? Or just FOMO at work?

The cynical take:

Let's be real—this reeks of VCs hedging bets after missing Solana's rally. Toncoin's 300% year-to-date pump makes it the flavor-of-month, but remember: these are the same folks who backed Luna at $100.

TON leverages Telegram for growth

TON’s close ties to the Telegram messenger remain its main growth driver. According to Statista, Telegram has over 1 billion monthly active users, which TON hopes to convert into crypto natives.

Specifically, TON serves as the utility token for Telegram’s mini-apps, which enable blockchain integration. This has brought several viral clicker apps, including Notcoin, which at one point boasted over 650,000 users.

Hype over viral mini-apps propelled its DeFi TVL to its all-time high in January 2024 of nearly $800 million. However, since then, this figure has fallen to $152.48 million, as users lost interest in clicker apps.