Dan Morehead’s Hedge Fund Pantera Capital Says Largest Funding Can ‘Deliver Crypto to the World’

1 views 12:54 pm 0 Comments May 12, 2024

Hedge fund Pantera Capital says one venture, which is the agency’s “largest funding ever,” has a possibility to convey crypto to the plenty.

In a brand new put up, Pantera CEO Dan Morehead says that Toncoin (TON), the layer-1 blockchain community initially designed by the messaging platform Telegram, has a serious benefit over different tasks in constructing a big group.

“99.999% of blockchain tasks are a tech concept attempting to create a group – from nothing. In keeping with CoinMarketCap, there are greater than 23,000 cryptocurrencies. That’s a tough highway for many.

Telegram is a group integrating blockchain expertise. That’s simply received to be simpler.”

In keeping with Statista, Telegram has over 900 million month-to-month lively customers.

Provided that Telegram has a built-in crypto pockets, the hedge fund argues it has a bonus in onboarding its giant, already-existing consumer base into the digital asset ecosystem with out the complexities of conventional self-custody wallets that embody using seed phrases.

Based mostly in Dubai, Pantera additionally says that Telegram is essentially free from the regulatory hurdles that digital asset tasks face in much less crypto-friendly jurisdictions just like the US.

“What concerning the different prime messengers? Telegram is the one main platform that is freed from regulatory hurdles to include web3 for an open blockchain community. Whereas [Facebook] Messenger tried to include crypto funds with Libra, they finally confronted regulatory hurdles from the US that led to an entire shutdown.

WeChat has tried to combine CBDC funds of digital yuan, however the system is restricted in scope and builders don’t have the flexibility to create permissionless functions.

We consider Telegram is nicely positioned to convey crypto to the world due to its shared web3 ethos and huge distribution.”

At time of writing, TON is buying and selling at $6.94.

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