Toncoin (Ton), the native token for the telegram-adjoiced ton of blockchain, spiked on Thursday, when the ecosystem organization The Open Network Foundation said several venture capital companies invested $ 400 million in the token.

Investors include Sequoia Capital, Ribbit, Benchmark and Kingsway, according to a press release shared with Coindesk. Vy Capital, Draper Associates and Libertus Capital, Coinfund, Hyperspan, Skybridge and Karatage also participated in the round.

“These venture capital companies have over $ 400 million value of toncoin, which is the original cryptocurrency of tone blockchain. It’s important to note that this is not a fundraising round. Instead of these VCS places their inserted Coindesk.

Tons price ran over 8% over $ 3.8 immediately after the message before you paired some of the winnings. Token’s price rose 2% over the last 24 hours.

The Ton network was originally developed by the Messaging App Telegram, but continued as an independent operation due to regulatory concerns after the company decided a trial from the US Securities and Exchange Commission (SEC) by 2020.

Telegram CEO Pavel Durov was arrested in France in August as part of a complaint about Telegram’s lack of moderation and cooperation with law enforcement. Durov regained access to his passport from authorities earlier this month. Ton rose 20% on the news.

The digital activation company Pantera Capital said in May that it made its “biggest investment ever” in tonnes without revealing the value of the investment. Token’s price has fallen 54% since its top of June over $ 8.