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In recent months, social media companies have shown openness regarding crypto adoption. The latest to join the list is Telegram, which is currently working on its Telegram Open Network (TON) technology.
The TON project was unveiled last year before Telegram announced it was leaving it.
Telegram’s TON project rebrands to Toncoin
The CEO and co-founder of Telegram, Pavel Durov, noted that the TON project was being remodelled to Toncoin. However, unlike the previous TON project, Toncoin is a development that is independent of Telegram.
In a Telegram post on Thursday, Durov noted, “I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm.”
He also noted that despite the new project not being a part of Telegram, he wished the team behind it success. “Coupled with the right go-to-market strategy, they have all they need to build something epic,” he added.
Telegram’s Donate to accept Toncoin
Donate, a verified payments service on Telegram is preparing to enable donations on the social media platform using Toncoin. On Thursday, TON announced it had partnered with Donate to enable Telegram users to use Toncoin to make donations and pay for their subscriptions.
Toncoin will also be available to channel administrators, allowing income collection. The TON blockchain was launched in 2017, but the founders abandoned the project after a tussle with the US Securities and Exchange Commission (SEC) in 2020.
In 2018, the SEC filed a lawsuit against Telegram where the social media company was accused of conducting an initial coin offering (ICO) without complying with the securities laws.
Despite its failure to launch, the TON project has given rise to several independent initiatives. For instance, the TON Russian community’s Telegram channel has around 160,000 subscribers, while the Toncoin community has around 50,000 followers.
Toncoin has recorded major gains during the past 24 hours following this announcement. In the past 24 hours, Toncoin has surged by over 50%, and it was trading at $3.62 at the time of writing. The gains are inching the coin closer to its record high of $4.50 recorded on November 12.
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