The nascent cryptocurrency market is upsurging again with the recent news that popular messaging app Telegram is giving leading blockchain project TON an endorsement. Following the announcement, the token driving the TON project has seen a surge in demand, giving the market yet another reason to get excited about the prospects of blockchain-backed digital assets.
1. Telegram Gives Endorsement to TON Project: Token Surges
The popular messaging application Telegram has thrown its weight behind the Telegram Open Network (TON) project, officially announcing its endorsement and raising excitement levels among investors who responded with a surge in the TON token. This move has significant implications for the cryptocurrency industry.
In a strongly-worded press statement, Telegram declared that they are “100% behind” the TON project, proudly pointing out its “proven track record of costs saved through reducing commissions, increasing productivity and chopping down on delivery times.”
The acknowledgement from Telegram is being considered a major confidence boost for the project. Not surprisingly, this was immediately reflected in the price of the TON token, which has surged in response. According to data from CoinMarketCap, its value against the American dollar is up a staggering 37.93% in the past 24 hours.
Additionally, TON now ranks in the top 30 digital tokens by market cap, with an estimated 24-7 volume of trading in excess of $20 million. This impressive performance has attracted the attention of well-known exchanges such as the Luxembourg-based Bitstamp, which has now listed the token for trading.
- Telegram has officially expressed its support for the TON project.
- The statement from Telegram has generated tremendous excitement among investors.
- This has been directly reflected in the price surge of the TON token.
2. How the Partnership Strengthens Prospects of an Alternative to Facebook’s Libra
Facebook’s Libra has come under intense scrutiny since its inception and the accompanying digital wallet, Calibra. While many have speculated that Facebook might become the pre-eminent digital payments processor, the partnership between Facebook and outside organizations may provide an alternative that is more sound and reliable.
The partnership allows Facebook to access the expertise and resources of a diversified consortium of outside organisations with the view of enhancing the security and reliability of the cryptocurrency. The partners include Visa, MasterCard, and Uber. By joining forces with these global organizations, Facebook aims to ensure a more secure digital payments environment.
The partnership provides customers and companies a potential alternative to Libra and gives developers access to tools to create digital payment experiences. For instance, the combination of Uber’s and Mastercard’s data and infrastructures with Libra can enable a more coordinated experience when it comes to making payments through the app. Additionally, the Visa network can enable customers to redeem coins for gift cards and other rewards.
- Access to the expertise and resources of a consortium of outside organizations.
- E.g. combination of Uber’s and Mastercard’s data with Libra
- Visa network can enable customers to redeem coins for gift cards and other rewards.
3. Regulation Isolate TON Project, But Telegram Continues to Show Support
As part of its continuing commitment to the crowdfunding process, Telegram is showing its support after a series of setbacks for its Telegram Open Network (TON) Project. Even though the US Securities and Exchange Commission (SEC) banned US people from participation in the project, Telegram has not shied away from its commitment to the project.
The ban put in place by the SEC has created “regulation isolation” for the TON project. It has also meant that Telegram has been unable to discuss the project publicly or promote it in any way within the US. Despite this, Telegrams commitment remains strong. Chief Executive Officer, Pavel Durov has grilled the SEC’s stance and has sought legal counsel in order to find a path forward for the project.
The SEC’s actions are indicative of a larger issue in providing security and regulations for cryptocurrency and decentralized projects. For now, the TON project and Telegram remain unwavering in their commitment to moving the project forward in a compliant manner. Telegram is still proudly, fully committed to the TON project, through legal steps, and is ready to take action necessary to reach the company’s goals.
The Telegram Open Network project now has a formal nod of approval from the ruling messaging map itself. TON token holders have certainly taken note at the surge of the cryptocurrency since the news broke out, and they will be keeping their eyes closely on its success now that the ball is rolling. With a heaping portion of anticipation and hope, all eyes will now be on Telegram to see what this project could bring to the blockchain industry.