The Open Network (TON), a layer-one blockchain, has surged more than 13% in 24 hours after suddenly gaining support from the world’s largest cryptocurrency exchange by trading volume.
At the time of writing, TON Coin is trading at $6.22, up from $5.44 a day ago.
In a new announcement, Binance said it would list TON with a seed tag, which the platform applies to tokens with greater volatility potential. Users who own assets with the tag will be required to pass a quiz every 90 days to understand the inherent risks.
TON was originally developed by encrypted messaging platform Telegram and was known as Telegram Open Network, but Telegram pulled out of the project in 2020 following a legal dispute with the U.S. Securities and Exchange Commission (SEC).
The Open Network, an open-source community of developers, took over technical management that year. However, TON still allows Telegram’s 700 million users to send long wallet addresses within the platform without having to enter them.
Earlier this year, crypto asset management firm Pantera Capital invested in TON. According to Ryan Barney, a partner at Pantera, they decided to invest capital in the project because the token is linked to Telegram.
“We believe TON has the potential to introduce cryptocurrencies to the masses because of its widespread use on the Telegram network.
Telegram is a forward-thinking, fast, and secure messaging platform for private and group communication, building large communities, and sharing content, with over 900 million monthly active users.
By leveraging Telegram’s massive user base and seamless UX, along with the dynamics of TON’s new ecosystem, we believe TON has the potential to become one of the largest cryptocurrency networks.”
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