- Telegram’s co-founders are considering an initial public offering (IPO).
- Toncoin breached the $7 mark for the first time on April 9, 2024.
- The surge has put TON above ADA in crypto’s TOP 10 by market cap.
The crypto-friendly social messaging app Telegram has been at the forefront of innovation since launching end-to-end encryption on its platform. Back in 2018, Telegram’s 9-figure database saw a major hurdle in development when no Layer-1 blockchain was capable of hosting Toncoin (TON), then simply known as Gram.
Sponsored
Consequently, Telegram launched The Open Network (TON) Layer-1 scaling solution. The co-founding brothers Nikolay and Pavel Durov developed the chain with the goal of powering the social messaging platform. The TON network can also be scaled to millions of chains due to Hypercube routing mechanisms implemented by TON developers.
As Telegram’s co-founders now consider an initial public offering (IPO), this news has likely served as a powerful boost to TON, which is coming off a new all-time peak. “We see value in an IPO as a means to democratize access to Telegram’s value,” explained Pavel Durov last month, as Telegram’s active monthly users swiftly approach 1 billion.
Telegram’s TON Society to Dish Out $1M TON Coins
In an interview with the Financial Times in March 2024, Durov insisted that the social media giant would rather take the path of an IPO than have a private sell-off event.
To remain independent from the biggest tech corporations, Telegram’s co-founding brothers have refrained from selling the social platform and instead started a monetization process via ads.
Meanwhile, Telegram’s developer community, TON Society, has initiated a $1 million Toncoin fund for users eager to participate in the voluntary Proof of Personhood (PoP) program. This is done to launch a digital identity verification mechanism in the next five years.
TON made waves in the crypto markets yesterday by topping the veteran altcoin Cardano (ADA) and snatching Cardano’s spot in the TOP 10 by global market cap.
With an exponential growth rate of 35% over the last two weeks, Telegram’s defiance of the general crypto market sentiment is often named one of TON altcoin’s strongest points. At press time, TON is trading at $6.71, facing a soft market correction after yesterday’s illustrious run to a new all-time peak of $7.06.
On the Flipside
- The tokenomics of Toncoin (TON) has raised concerns among crypto investors, as the ten largest TON holders hold over 60% of the circulating supply.
- Durov also stated that Telegram should become profitable in a year ahead of pursuing a stock exchange listing in the United States.
Why This Matters
Telegram is the fourth largest social messaging platform, having a pro-crypto stance since the platform’s early days.
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