Telegram co-founder and CEO Pavel Durov has voiced optimism in the ongoing development of Telegram Open Network (TON) technology, despite the fact that Telegram formally discontinued the initiative last year.
He added that the venture’s name has been modified from TON to Toncoin. However, unlike the original TON, the new initiative is not affiliated with Telegram.
Durov’s comments emerged as Donate, a Telegram-verified payments provider, was ready to permit Toncoin cryptocurrency contributions on Telegram.
TON launched a collaboration with Donate on Thursday, stating that customers would soon be capable of making donations and pay for memberships with Toncoin. Simultaneously, channel admins will be entitled to receive their earnings in bitcoin. The news was initially disclosed by the Subscriptions service on Monday.
TON is a blockchain that was founded in 2017 by bros Nikolai and Pavel Durov, however, the two and Telegram withdrew from the initiative in 2020 following a protracted struggle with the US Securities and Exchange Commission. The SEC won a lawsuit in which it accused Telegram of breaking US securities laws by launching its $1.7 billion initial coins issuing in 2018.
Regardless of the fact that Telegram formally terminated the initiative more than a year ago, the concept of TON has not been discarded, with the initial open-source project spawning a variety of autonomous sequels.
On its main Telegram channel, the TON Russian group had roughly 160,000 members, while the global Toncoin community had roughly 50,000 followers.
Toncoin’s price has risen significantly in response to the newest news, rising more than 23 percent in the last 24 hours and trading at $2.93, as per CoinGecko statistics. The token’s all-time high was $4.5 on November 12. OKEx, FTX, and EXMO are among the world’s major cryptocurrency exchanges that list the coin.