Toncoin (TON) is experiencing a significant surge of over 13% in just 24 hours following the announcement of trading support from Binance, the world’s largest cryptocurrency exchange. Currently priced at $6.22, TON has seen a notable increase from $5.44 just a day ago.
Binance has introduced TON with a seed tag, indicating its higher potential for volatility. Users who hold assets with such tags are required to pass quizzes every 90 days to ensure they understand the associated risks.
Originally developed by Telegram as the Telegram Open Network, TON encountered a legal dispute with the U.S. Securities and Exchange Commission (SEC) in 2020, resulting in Telegram’s departure from the project. The Open Network, an open-source community of developers, has since taken over the management of TON. Notably, TON can still be easily sent by Telegram’s massive user base of 700 million without the need for lengthy wallet addresses.
Earlier this year, Pantera Capital, a crypto asset management firm, invested in TON. The decision to invest was primarily driven by TON’s association with Telegram, as the firm believes that TON’s extensive usage within Telegram’s network could potentially introduce cryptocurrencies to the masses. With Telegram boasting over 900 million monthly active users on its innovative messaging platform, the partnership between TON and Telegram holds significant potential for the growth of TON as one of the largest crypto networks.