Telegram developer provokes a sharp rise in TON cryptocurrency by more than 60%

In two days, the Toncoin cryptocurrency has risen in price by more than 60%, which was facilitated by the statement of Telegram founder Pavel Durov about his intention to hold an initial public offering (IPO) of the company.

Toncoin has entered the top twenty largest cryptocurrencies by market capitalization, leaving behind the Uniswap platform token (UNI) and the TRON blockchain (TRX). Currently, the coin’s capitalization is $ 15 billion, and it is traded for $ 4.48.

This was facilitated by a recent interview with Pavel Durov to the Financial Times. He said that the platform’s audience has grown to 900 million, and now the company plans to hold an IPO at an estimated $ 30 billion, with the funds raised to develop the platform and repay bonds.

The TON (Telegram Open Network) blockchain was launched in 2018, but two years later, the messenger’s administration was forced to close the project due to claims from the US Securities and Exchange Commission (SEC). Investors were refunded, and Durov paid a fine of $ 18.5 million. The development of the TON (The Open Network) network was continued by the TON Foundation. Currently, TON and Telegram are independent projects, but the TON blockchain is the underlying network for Telegram’s Web3 infrastructure.

In late February, it became known that Telegram was launching financial payments for channel owners. This will be done through the TON blockchain. As a result, the coin’s price skyrocketed after the high-profile announcement.