On June 27, Cosmo Jiang, portfolio manager of Pantera Capital, said that cryptocurrency is an option for Telegram to raise funds, and can "maintain control and the maximum potential for monetization". Pantera Capital has invested in Telegram. Cosmo Jiang pointed out that TON is the "largest current asset on the balance sheet" of Telegram, and Telegram can receive collateral rewards from transaction fees and protocol issuance, in addition to "commercial agreements", according to certain performance criteria, it will earn more TON over time.