Cryptoverse: TON takes off on Telegram tie-up
- A coin called TON has leapt in value in recent months, with investors betting its integration with messenger service Telegram could bring the cryptocurrency to the app's estimated 900 million users.
The prospect of a "super app" or "everything app", uniting payments and shopping with social media or messaging services, has long been a holy grail for investors, who look to China's WeChat for inspiration. In the crypto world, it's sometimes called "SocialFi", short for social finance. "TON did outperform a lot of its peers as many people are buying into the project as interest in alts returned and thanks to the backing of Telegram," he said, adding that Indigo had traded the TON token.
"The main challenge is shifting user perceptions in non-Asian markets, where messaging apps are predominantly seen purely for communication rather than as multi-functional platforms." "Ensuring users are protected from scams, fraud, and potential losses due to cryptocurrency volatility would be a critical concern for regulators," he added.Telegram Messenger created TON's blockchain in 2018 and raised $1.7 billion by selling the associated cryptocurrency. But the project was hit by charges from the U.S. Securities and Exchange Commission, which said the token sale violated federal securities laws.
TON says it is decentralised, based on an open-source codebase, with no single controlling authority. There's a non-profit foundation behind it, registered in Zug in Switzerland.The TON Foundation's president is Steve Yun, the body's website says. Andrew Rogozov, former CEO of Russian social media site VK, is a founding member of the foundation, according to his LinkedIn profile.
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