TON Foundation, the organization behind The Open Network (TON), has raised over $400 million by selling tokens to major investment funds, including Sequoia Capital, Ribbit Capital, Benchmark, and Kingsway Capital. The Block reported the news.

A TON Foundation representative confirmed that the funding was provided in the form of Toncoin, rather than traditional equity or cash.

Other key investors include Draper Associates, Vy Capital, and Libertus Capital, alongside CoinFund, Hypersphere, SkyBridge, and Karatage.

“Essentially, these venture firms are betting on the future success and utility of the TON blockchain, its expanding ecosystem, and its potential for real-world crypto adoption, especially within Telegram,” the foundation’s representative added.

According to CoinGecko, Toncoin (TON) responded to the news with a 3.8% price increase in the last hour. At the time of writing, it is trading at $3.7.

Earlier, The Open Network developers outlined their roadmap for the first half of 2025, which includes launching a Layer 2 payment network, improving the user interface, and implementing other updates.

In January, Telegram banned the development of Web3 applications on blockchains other than TON, solidifying its exclusive partnership with TON Foundation.

By the end of 2024, the TON ecosystem had reached 36.2 million created crypto wallets, with over 100 million Toncoin holders and up to 40 million active monthly accounts.