Latest news with #Notcoin
Yahoo
25-04-2025
- Business
- Yahoo
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.
Yahoo
20-03-2025
- Business
- Yahoo
Venture Capital Firms Invest $400 Million in Toncoin as Telegram User Base Hits 1 Billion
Several venture capital firms, including Sequoia Capital, Ribbit, Benchmark, Kingsway, Vy Capital, Draper Associates, Libertus Capital, CoinFund, Hypersphere, SkyBridge and Karatage, have invested over $400 million in Toncoin, the native cryptocurrency of the TON blockchain. The Open Network Foundation (TON Foundation) confirmed the investment, clarifying that this was not a fundraising round but rather a direct purchase of Toncoin. TON blockchain, which supports mini apps within Telegram, has grown rapidly. Native accounts on the network increased from 4 million to 41 million in the past year, and Toncoin is the only cryptocurrency accepted for Telegram app services. Telegram itself reached 1 billion monthly active users by March, doubling in less than three years. Benchmark partner Peter Fenton projected that this number could reach 1.5 billion by 2030. The TON Foundation aims to integrate 30% of Telegram's users into the blockchain within three years. Investor interest in Toncoin has been growing for some time. Pantera Capital previously made two investments in Toncoin, one of which was described as its largest-ever investment. Animoca Brands co-founder Yat Siu said his company started buying Toncoin when it was trading below $1. The cryptocurrency surged above $8 in mid-2024 before dropping by over 50%, currently trading at around $3.75. The latest investment announcement caused Toncoin's price to jump 8% before stabilizing. The blockchain's growth has been fueled by Telegram mini apps, including popular games like "Notcoin" and "Hamster Kombat," which have driven user engagement. TON was originally developed by Telegram but now operates independently after Telegram settled a lawsuit with the U.S. Securities and Exchange Commission (SEC) in 2020. Telegram CEO Pavel Durov's arrest in France last year over concerns regarding content moderation affected the token's price. Durov recently regained access to his passport, which led to a 20% rise in Toncoin's value. Venture capital investment in blockchain projects has been rising. February saw over $1.1 billion in crypto VC deals, with much of the funding directed at decentralized finance and blockchain-based financial services. Simon Wu, a partner at venture firm Cathay Innovation, said blockchain projects are becoming more recognized as legitimate solutions in asset management, transactions, and tokenization. Sequoia Capital partner Shaun Maguire praised the TON team for its expertise in consumer products and crypto infrastructure, emphasizing that Telegram's vast user base gives the blockchain a strong foundation for growth. Sign in to access your portfolio
