The value of Toncoin, associated with the messaging application Telegram, recently surpassed the $7 mark, reaching a new peak.
This increase positioned Toncoin as the cryptocurrency with the ninth largest market capitalization, overtaking ADA. The surge in Toncoin’s value is attributed to speculation regarding the possibility of Telegram undertaking an initial public offering (IPO).
Telegram began to explore blockchain technology in 2017 with the aim of incorporating decentralized payments and other functionalities into its service. The company initiated the Telegram Open Network (TON) in 2018 due to the absence of an existing blockchain solution that met its requirements.
The project quickly captured the interest of investors, developers, and regular Telegram users. However, the project faced challenges from the U.S. Securities and Exchange Commission (SEC), leading to Telegram’s withdrawal from the TON initiative.
In 2019, the SEC intervened to stop the distribution of Grams, TON’s native token, asserting that it constituted an unregistered securities offering. The court’s decision favored the SEC, effectively halting the development of TON as originally planned. As a result, Telegram discontinued its involvement with TON and returned $1.22 billion to its investors.
Despite Telegram’s departure from the project, an independent community continued to develop TON. This group renamed Grams to Toncoins and asserted that TON stood for “the.” Pavel Durov, CEO of Telegram, later expressed support for the blockchain’s ongoing development, separate from Telegram.
Presently, TON remains integrated with Telegram through decentralized applications (DApps) that utilize Telegram’s open-source framework.
This integration allows Telegram’s extensive user base to access various services, including wallets, bots, and Web3 games directly through the application. Telegram has also introduced the ability to conduct ad transactions using Toncoin.
The relationship between Telegram’s potential IPO and Toncoin’s value increase is likely influenced by their continued association and the blockchain’s utility within the Telegram ecosystem.
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