TON Foundation Appoints MoonPay Co-Founder as CEO After 46% Token Drop and 400 Million Investment Boost
The TON Foundation has appointed Maximilian Crown, co-founder of MoonPay, as its new CEO, following a period of slowed activity on its blockchain. Crown's appointment comes shortly after the foundation named Manuel Stotz as president of the board earlier this year.
The foundation, which oversees the development of the Telegram-linked TON blockchain, has experienced a slowdown in daily fees and transaction volumes, despite a sharp increase in its user base. According to TonStat data, while the number of active users has surged from 4 million to 41 million over the past year, activity on the chain has not kept pace. Toncoin, the network's native token, has also dropped 46% in value during the same period.
Crown, who will remain on MoonPay's board, previously served as CFO and COO of the crypto infrastructure provider. In those roles, he handled finance and operations while building links with banks, payment companies, and regulators. The TON Foundation credited him with helping scale MoonPay into one of the world's largest crypto payments platforms and establishing it as a trusted name in fintech.
The TON ecosystem experienced a temporary boost in activity last year due to Telegram-based mini apps and games such as Notcoin and Hamster Kombat. However, that momentum has since slowed. The foundation, nonetheless, claims 121 million unique holders of Toncoin and maintains a long-term growth strategy that includes bringing 30% of Telegram's user base—estimated at over 1 billion people—onto the blockchain by 2028.
Crown described TON's integration with Telegram as a strategic advantage. 'TON's speed, scalability, and exclusive integration with Telegram set it apart in the blockchain space. With access to over 1 billion Telegram users, TON has a unique opportunity to expand its ecosystem globally and redefine how blockchain technology is adopted at scale,' he said.
In February, former TON president Steve Yun launched a $100 million fund called TVM Ventures, targeting startups within the TON ecosystem. Yun expressed confidence in TON's future role in the stablecoin sector, predicting it would capture a significant market share in the coming years.
Meanwhile, investor interest in the project remains strong. Just last month, several major venture capital firms, including Sequoia Capital, Ribbit, Benchmark, and Kingsway, collectively invested more than $400 million into Toncoin through direct token purchases.
The leadership changes and influx of capital signal a recalibration at the foundation as it seeks to reignite momentum and scale its blockchain infrastructure in partnership with Telegram's extensive user network.
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