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The following article is adapted from The Block's newsletter, The Daily, which comes out on weekday afternoons.

The TON Foundation will tap a group of Tier 1 VC backers, to raise another $400M in a token-based deal, with additional TON sales.

The Open Network Foundation, also known as TON Foundation, has raised more than $400 million in token-based investments from several venture capital firms, signaling growing interest in the Telegram messaging ecosystem. Sequoia Capital, Ribbit, Benchmark, Draper Associates, Kingsway, Vy Capital, Libertus Capital, CoinFund, SkyBridge, Hypersphere and Karatage participated in the investment by purchasing Toncoin (TON), the native cryptocurrency of The Open Network.

Update (March 20 at 4:41 PM UTC): This article has been updated to clarify that the token sale was not directed at the TON Foundation. The Open Network Foundation, also known as TON Foundation, said several venture capital firms invested more than $400 million in the TON blockchain, signaling growing interest in the Telegram messaging ecosystem.

Investors include Sequoia Capital, Ribbit, Benchmark, Kingsway, CoinFund, according to a press release.

TON Foundation successfully closed more than $400 million in token-based funding from some of the most reputable venture capital firms. According to a March 20 press release sent to crypto.news, investors include Sequoia Capital, Ribbit, Paradigm, Benchmark, and Kingsway.

The TON Foundation said a group of VCs including Sequoia Capital, Ribbit, Benchmark and Kingsway invested over $400 million buying Toncoin.

The Solana price is struggling to maintain momentum despite celebrating its fifth anniversary, as SOL battles market-wide declines and issues surrounding meme coin scams. Meanwhile, Toncoin (TON) is making waves, surging 36% after major news surrounding its founder.

TON Space users can now pay gas fees using Telegram Stars, further deepening the integration between the popular messaging app and The Open Network (TON).

Following Pavel Durov's permitted leave for Dubai, Toncoin has been faring quite well.

Bitcoin (BTC) has been clinging to the 200-day simple moving average ($84,359), which suggests that the bulls have kept up the pressure. That improves the prospects of an upside breakout, signaling the corrective phase may be ending.

Toncoin: the only cryptocurrency for payments on Telegram

Toncoin (TON), the native token of The Open Network blockchain, has recorded a massive spike within the hour. According to CoinMarketCap data, TON surged by a significant 6% in price action, rising to $3.58 within the last 60 minutes.

While the economic outlook is still very uncertain, and the stock market is down, if President Trump has his way, a major pivot could be on the horizon. Binance Coin (BNB) and Toncoin (TON) are in the green on Tuesday and both are at breakout zones.

Telegram co-founder Pavel Durov has finally returned to Dubai after spending months in France about an investigation into illegal activities in the messaging platform. French authorities have placed Durov under judicial supervision since August 24, 2024.

More gains ahead for TON?

The Open Network's TON is the week's biggest gainer among high-cap coins after Telegram's founder won a temporary exit from France.

The price of Toncoin (TON) is falling after its rejection of the recent high. TON price analysis by Coinidol.com.

On March 15, the TON Foundation announced that the French authorities had returned Pavel Durov's passport. He was now able to leave France.

Pavel Durov, Telegram founder, arrested for allegedly facilitating crime, had his passport returned by French authorities, ending a lengthy battle for freedom of speech. The TON (The Open Network) token, associated with Telegram, surged 20% after the news, rising above $3.45.

Toncoin (TON) price surged 20% after Telegram founder Pavel Durov received permission to temporarily leave France amid ongoing legal troubles.

It seems that the strong and long retracement that began back in December has come to an end.

Toncoin's open interest (OI) jumped 67% on March 15, 2025, hitting $169 million after reports emerged that Telegram founder Pavel Durov left France.

The cryptocurrency market witnessed a significant rebound last week, ably supported by leading memecoins and Telegram-linked Toncoin. What happened: BNX, the native token of the GameFi platform BinaryX, topped the gainers list, exploding over 60% over the week.