Layer-1 blockchain The Open Network (TON) is surging more than 13% in 24 hours after suddenly receiving support from the world’s largest crypto exchange by volume.
Toncoin is trading at $6.22 at the time of writing, compared to $5.44 a day ago.
In a new announcement, Binance says this is the case mention TON with a Seed tag, which the platform applies to tokens with greater volatility potential. Users who own tagged assets must take quizzes every 90 days to ensure they are aware of the inherent risks.
TON was initially developed by encrypted messaging platform Telegram and known as Telegram Open Network, but Telegram parted ways with the project in 2020 after a legal battle with the US Securities and Exchange Commission (SEC).
The Open Network, an open source community of developers, took over management of the technology that year. However, TON can still be sent within the platform by Telegram’s 700 million users without entering long wallet addresses.
Earlier this year, crypto asset management firm Pantera Capital invested in TON. The token’s connection to Telegram was the driving force behind the company’s decision to put capital into the project, said Ryan Barney, a partner at Pantera.
“We believe TON has the ability to introduce crypto to the masses as it is widely used within the Telegram network.
Telegram has more than 900 million monthly active users on its forward-looking, fast and secure messaging platform used for personal and group communications, large-scale community building, content sharing and more.
By leveraging Telegram’s massive 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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Generated image: Midjourney