Coinbase Ventures, the investment arm of U.S. crypto exchange Coinbase, now owns Toncoin, the native cryptocurrency of the Open Network (TON). This blockchain powers Telegram’s web3 ecosystem, directly enabling payments, gaming, NFTs, and other decentralized services within the messaging app.

The TON Foundationrevealedthe investment on Monday in an announcement on X, and described it as a strong endorsement from one of the most prominent venture investors in the crypto industry. 

The Foundation said it could not disclose Coinbase Ventures’ position size. Still, it noted that their support spoke volumes, emphasizing the symbolic importance of the firm’s involvement despite the lack of financial details.

Coinbase Ventures has added to a list of investors who bet that TON will bridge social media and mass blockchain adoption. The project is widely applicable due to its unique integration with the famous messaging app Telegram, which has more than 1 billion monthly active users globally. 

The enormous size of this audience gives TON a pre-built distribution channel for web3 services, thereby reducing some of the friction that new blockchain projects typically struggle with around bringing on manageable groups of users.

Coinbase Ventures’ participation could signal that more traditional investment firms might follow into TON, especially in the Western markets where Telegram is not as heavily integrated with cryptocurrencies (unlike Asia and Eastern Europe). The deal endorses a good side of the strategy pursued by TON to help blockchain tools run smoothly in a user-friendly environment that has helped them become market leaders as far as socially integrated web3 adoption is concerned.

Coinbase Ventures buys tokens directly from Telegram

Manuel Stotz, president of the TON Foundation and CEO of Kingsway Capital, said that Coinbase Ventures purchased the TON tokens directly from Telegram — the messaging giant behind the network’s core infrastructure. This direct acquisition bypassed secondary markets and intermediaries, underscoring the deal’s strategic nature.

Stotz did not reveal the size of the transaction or the date it was finalized, citing confidentiality agreements. However, industry watchers see the move as a deliberate alignment between one of the largest U.S. crypto investors and a blockchain project with one of the biggest built-in audiences in the world.

A Coinbase Ventures spokesperson confirmed the investment but declined to share further details. They said it was a long-term venture investment in TON and explained that token acquisitions are a common way for venture firms to back blockchain projects in their early or growth phases. According to them, tokens serve both as an investment asset and a stake in the network’s expansion, helping to align investor incentives with the project’s success.

By entering through a direct purchase from Telegram, Coinbase Ventures gains a position in Toncoin and a symbolic link to the platform’s web3 ambitions. The transaction signals confidence in TON’s ability to bridge mainstream social networking with blockchain-based services — from payments and decentralized apps to digital identity.

Although financial terms remain undisclosed, analysts suggest that Coinbase’s move could pave the way for deeper U.S. institutional participation in TON, especially if the network continues to integrate seamlessly with Telegram’s one billion-plus monthly active users.

Institutional faith grows in TON

The TON Foundation’s Monday announcement highlighted other major backers, including Sequoia Capital, Benchmark, and Ribbit Capital. Past reports also point to Pantera Capital, Ryze Labs, and Animoca Brands as significant investors. These firms have poured hundreds of millions of dollars into the project.

One of TON’s biggest draws for institutional investors is its exclusive integration with Telegram. With the messaging app’s global reach, TON has a ready-made user base and built-in distribution channel. However, some investors, like Animoca Brands co-founder Yat Siu, have noted that this scale also creates dependency risks if Telegram’s priorities shift.

Recent months have brought a string of large TON-related announcements. Last week, Nasdaq-listed Verb Technology said it was partnering with Kingsway Capital on a $558 million private placement, positioning itself as the first publicly traded firm to hold Toncoin as its main reserve asset. The company plans to rebrand as TON Strategy Co.

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