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 funding reflects increasing institutional interest in TON’s infrastructure and its ability to scale financial applications within Telegram’s ecosystem.

TON’s close relationship with Telegram has become a major growth driver. Earlier this year, TON became the underlying blockchain for Telegram’s Mini Apps Ecosystem, allowing developers to create integrated financial services and interactive experiences for Telegram’s massive user base of over 1 billion monthly active users.

This connection has generated signifcant growth that has attracted investor attention. Specifically, the press release notes the number of active accounts on the TON network has increased from 4 million to 41 million in the past year. Also, the number of Toncoin (TON) holders totals 121 million which is larger than the total number of Bitcoin wallet holders.

TON Foundation now aims to engage 30% of Telegram’s active users — approximately 450 million people — by 2028. The strategy involves expanding decentralized finance tools, multiplayer mini-games, and in-app payment solutions, while also introducing on-chain collectibles and rewards.

Looking ahead

The $400 million investment is expected to drive further growth for TON by funding user acquisition, developer incentives, and product development. As Telegram’s reach expands, TON’s position as the backbone for financial services within the platform could solidify its role as a major player in the blockchain space.

Investors who took part in the funding have expressed strong confidence in TON’s growth trajectory and its ability to leverage Telegram’s scale.

“The TON team is the best in the world at the intersection of consumer product thinking and crypto infrastructure. When you combine this with the global distribution of Telegram, we’re very excited to see where they go,” said Shaun Maguire, partner at Sequoia Capital.