Toncoin (COIN: $TON) is a decentralized layer-one blockchain developed by encrypted messaging and calling application Telegram.
The project was abandoned in 2020 after pressure from the SEC, and it was taken over by the TON Foundation and renamed “Telegram Open Network” or “The Open Network.” TON aims to become the leading decentralized platform for digital assets and dApps.
The price of $TON saw a 38% surge on Monday after Telegram founder Pavel Durov hinted that a Telegram IPO was in the works.
Telegram Approaches Profitability with 900 Million Users
Recently, Pavel Durov said that Telegram has reached 900 million users and is nearing profitability, paving the way for a stock market listing. Telegram now has 80% more users than the 500 million it had in 2021.
According to a Financial Times report, Durov stated that Telegram was now among the most popular social media platforms in the world. He added that Telegram has experienced rapid growth after implementing advertising and premium subscriptions two years ago. He added that the company has generated “hundreds of millions of dollars” since launching the monetization strategy.
Durov, the sole owner of Telegram, stated that the company had received offers exceeding $30 billion in valuation from potential investors, including global late-stage tech funds. However, he has decided against selling the platform while considering a future initial public offering.
He said, “The main reason why we started to monetize is because we wanted to remain independent.” He added, “Generally speaking, we see value in [an IPO] as a means to democratize access to Telegram’s value.”
Furthermore, Durov announced on his Telegram channel that the Telegram Ad platform would be open for users in March.
He stated, “In March, the Telegram Ad Platform will officially open to all advertisers in nearly a hundred new countries. Channel owners in these countries will start receiving 50% of any revenue that Telegram makes from displaying ads in their channels.”
TON Collaborates with DWF Labs & Fireblocks
On March 13, TON announced on their X account that they had partnered with DWF and Fireblocks to boost security on the network.
They stated, “TON Foundation joins forces with @FireblocksHQ & @DWFLabs to bring advanced and secure direct custody technology to everyday people, making Web3 safer and more accessible!
Fireblocks’ integration with #TON will enhance security and facilitate DeFi integrations. DWF Labs will bridge the gap between TON’s retail-focused ecosystem and Fireblocks’ enterprise-level services, developing a Web3 ecosystem ready for mainstream adoption.”
By utilizing Fireblock’s innovative Multi-Party Computation (MPC-CPM) technology, Toncoin strives to achieve unmatched transaction speeds and security measures, establishing a groundbreaking standard within the cryptocurrency ecosystem.
TON Price Performance
$TON Is currently trading at $4.39, having gained 22.04% in the past 24 hours and 62.87% in the past week. At the time of writing, it has a market cap of $15 billion with a 24-hour trading volume of $400 million.
Should you buy $TON?
TON experienced a massive surge following the potential Telegram IPO announcement, even though Telegram is no longer associated with the project. Another factor for this week’s surge is the Fireblocks integration, which will boost speed and security while bolstering mainstream adoption. The latest developments and the ongoing crypto market rally make TON a lucrative coin to hold.
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