Within a span of two days, the cryptocurrency Toncoin surged over 60%, a rise prompted by the announcement from Telegram’s founder Pavel Durov of his intent to conduct an initial public offering (IPO) of the company.
Toncoin has now entered the list of the 20 largest cryptocurrencies by market capitalization, surpassing the Uniswap (UNI) platform token and TRON (TRX) blockchain cryptocurrency. Currently, its market capitalization stands at $15 billion and it is trading at $4.48. This surge was influenced by a recent interview of Pavel Durov with the Financial Times, during which he mentioned that the platform’s user base had increased to 900 million and the company was now planning to carry out an IPO at a valuation of $30 billion. The funds raised will be used for platform development and bond redemption.
The TON (then Telegram Open Network) blockchain was launched in 2018 but two years later it had to be shut down by the company due to objections from the US Securities and Exchange Commission (SEC). Investors were reimbursed and Durov paid a fine of $18.5 million. The TON community (The Open Network) resumed the network’s development under TON Foundation. Today, TON and Telegram operate as independent ventures, with TON blockchain acting as the foundational network for Telegram’s Web3 infrastructure.
A sharp rise in Toncoin was noted on February 28 when Pavel Durov announced the implementation of a monetization system for Telegram channels, with rewards paid in TON coins. News about the potential listing of the messaging app on a stock exchange buoyed this effect.
