Layer-1 blockchain The Open Network (TON) is surging by more than 13% in 24 hours after suddenly gaining support from the world’s largest crypto exchange by volume.
Toncoin is trading at $6.22 at time of writing, up from $5.44 a day ago.
In a new announcement, Binance says its listing TON with a seed tag, which the platform applies to tokens that have more volatility potential. Users who own assets with tags are required to pass quizzes every 90 days to ensure they’re aware of the inherent risks.
TON was initially developed by the encrypted messaging platform Telegram and known as Telegram Open Network, but Telegram parted ways with the project in 2020 following a legal battle with the U.S. Securities and Exchange Commission (SEC).
The Open Network, an open-source community of developers, took over management of the technology that year. TON, however, can still be sent by Telegram’s 700 million users within the platform without entering long wallet addresses.
Earlier this year, crypto asset management firm Pantera Capital invested in TON. The token’s connection to Telegram drove the firm’s decision to sink capital into the project, according to Ryan Barney, a partner at Pantera.
“We believe TON has the capacity to introduce crypto to the masses because it is used extensively within the Telegram network.
Telegram has over 900 million monthly active users on its future-facing, fast, and secure messaging platform that is used for personal and group communications, large-scale community building, content sharing, and more.
By leveraging Telegram’s vast user base and seamless UX with the vibrancy of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.”
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