Latest news with #TheOpenNetwork
Yahoo
04-08-2025
- Business
- Yahoo
A TON Strategy? Telegram-linked Online Marketer to Raise $558 Million for Treasury
Verb Technology will use $558 million in proceeds from a private placement to begin stockpiling and staking Toncoin, the Las-Vegas based marketer said in a press release on Monday. The cryptocurrency, which serves as the native token of the Telegram-linked The Open Network, will be treated as the company's 'primary treasury reserve asset,' it said—representing the latest twist on a growing list of crypto treasury firms dedicated to various digital assets. The company's private placement in public enquiry, or PIPE, was upsized, with investors purchasing 59 million common shares at $9.51, Verb Technology said. The Nasdaq-listed company's stock soared 140% to $22.68 on Monday, according to Yahoo Finance. Toncoin is officially separate from Telegram, but the network was conceived by brothers Nikolai and Pavel Durov, who also created the popular messaging app. Telegram backed away from The Open Network years ago following regulatory scrutiny, but it was later picked up by a community of open-source developers. The Open Network gained newfound attention after TON wallets were added to Telegram in 2023, and late last month, The Open Network and Telegram unveiled an 'exclusivity deal.' Under the deal, Telegram mini apps, such as games, will be required to use TON, including once-popular tap-to-earn titles like Hamster Kombat and Notcoin. Despite Monday's announcement, Toncoin fell 6.9% to $3.41, according to crypto data provider CoinGecko. Still, the cryptocurrency's price has increased 24% over the past month. Crypto treasury companies have raised billions of dollars to accumulate major cryptocurrencies like Bitcoin and Ethereum, but Toncoin is relatively unknown. Across all tokens tracked by CoinGecko, it's the 27th largest by market cap at $8.2 billion. Verb Technology said on Monday it is rebranding to TON Strategy, and its PIPE is expected to close on Thursday. When the U.S. Securities and Exchange Commission has deemed registration-of-shares filings effective in the past, shares of some crypto treasury firms that used PIPEs to raise funds have plummeted alongside insider profit-taking. Coinbase Receives Downgrade to 'Sell' as Retail Interest Cools: Compass Point When the transaction is closed, Verb Technology will undergo some leadership changes, it said. Manuel Stotz, founder and CEO of investment firm Kingsway Capital, is the president of the TON Foundation, who will become the Verb Technology's executive chairman. 'Telegram is the preferred messenger for the growing global crypto community and $TON is the currency that powers the Telegram ecosystem,' he said in a statement, arguing the token 'not only has the potential to compound in value, but also offers staking yield.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
04-08-2025
- Business
- Associated Press
Verb Technology Company (Nasdaq: VERB) Announces Approximately $558 Million Private Placement to Establish First Publicly Listed TON Treasury Strategy Company, in Partnership with Kingsway Capital
LAS VEGAS, Aug. 04, 2025 (GLOBE NEWSWIRE) -- Verb Technology Company, Inc. (Nasdaq: VERB) (the 'Company') today announced the pricing of an upsized and oversubscribed private placement ('PIPE transaction'), positioning the Company to implement a TON treasury strategy. The Company expects to rebrand as TON Strategy Co. ('TSC') and become the first publicly traded treasury reserve of Toncoin ($TON), the native cryptocurrency of The Open Network ('TON') blockchain, in partnership with Kingsway Capital. The Company has entered into a PIPE transaction with institutional and accredited investors for the purchase and sale of approximately 58.7 million shares of common stock (including pre-funded warrants) at a purchase price of $9.51 per share, reflecting the closing market price as of August 1, 2025, for expected gross proceeds of approximately $558 million. Following the closing of the transaction, which is expected to occur on or around August 7, 2025, subject to customary closing conditions, the Company intends to use the majority of the net proceeds of the offering to acquire $TON. $TON will serve as the Company's primary treasury reserve asset. This is expected to position the company as one of the largest holders of $TON globally and enable it to generate sustainable staking rewards to initiate, manage, and grow its $TON exposure in a cash flow positive manner. The Company's existing business operations will continue and are expected to expand. Earlier this year, Telegram and the TON Foundation announced that TON would become the exclusive blockchain powering Telegram's ecosystem. It is the only way for millions of Telegram creators and mini app developers to withdraw rewards earned from users and advertisers, the only accepted payment method for Telegram Ads in most countries, the sole platform for Telegram's tokenized assets — including usernames, accounts, and gift NFTs — and the only permitted blockchain for Telegram's mini app ecosystem. Unlike other social applications, Telegram users can use $TON within the messenger without leaving the interface. Earlier this quarter, TON Wallet, a self-custodial wallet built into Telegram's interface, went live to its 87 million U.S. users. Globally, Telegram reports to have over one billion monthly active users and to be the world's fastest growing large-scale messenger app. 'Telegram is the preferred messenger for the growing global crypto community and $TON is the currency that powers the Telegram ecosystem. In my judgment, permanent capital vehicles are particularly suitable for long-term holdings of $TON, which not only has the potential to compound in value, but also offers staking yield, meaning TSC can benefit from staking rewards,' said Manuel Stotz, incoming Executive Chairman. 'The TON ecosystem marks a major step in global crypto adoption, and I'm proud we're leading efforts to drive investment in the future of digital commerce,' said Peter Smith, CEO & Co-Founder of and incoming Special Advisor to the Company. 'I believe this new leadership team's combined crypto and institutional expertise will foster blockchain innovation.' 'I'm excited to work with Manny, the incoming leadership team and the Kingsway team, and for the value creation opportunity this deal represents for all VERB stockholders,' stated Rory J. Cutaia, VERB CEO. Incoming Leadership Team & Special Advisor Upon close of the transaction, the Company's executives and special advisor are expected to have significant crypto industry and institutional expertise. These include: Institutional & Crypto Native Investors Over 110 institutional and crypto-native investors subscribed to the deal, led by Kingsway Capital and anchored by Vy Capital, Ribbit Capital, and Graticule (GAMA). Additional investors include CMCC Global, Pantera, MEXC Ventures, ParaFi Capital, Luxor Capital, Arrington Capital, Animoca, Kraken, BitGo, FalconX, Orbs Group, The Open Platform (TOP), TVM Ventures, Kenetic, Hivemind Capital, UNCAP, DigiStrats, Pacific Coast Venture Partners, and several high-profile crypto founders like Guy Young, Founder of Ethena Labs. Expected Result of PIPE Transaction Following closing, the Company expects to have: Trading & Next Steps The Company's common stock will continue to trade on the Nasdaq under the ticker 'VERB,' with the updated treasury strategy effective immediately following closing, which is expected to take place on or around August 7, 2025. The company will emphasise transparency, compliance, and verification of holdings. Additional updates on the acquisition of $TON, treasury growth and governance measures are expected in the coming weeks. Advisors Cohen & Company Capital Markets, a division of Cohen & Company Securities, LLC, served as lead financial advisor to Kingsway Capital and sole placement agent to the Company. Reed Smith LLP served as legal advisor to Kingsway Capital. Perkins Coie LLP served as legal advisor to the Company. Brownstein Hyatt Farber Schreck served as Nevada legal advisor to the Company. Morgan Lewis served as legal advisor to Cohen & Company Capital Markets. About VERB Verb Technology Company, Inc. (Nasdaq: VERB) is transforming the landscape of social commerce. The Company operates multiple business units, each of which leverages the Company's social commerce technology and video marketing expertise. together with recently acquired AI social commerce technology innovator LyveCom, is a multi-vendor, livestream social shopping platform that allows brands and merchants to deliver a true omnichannel livestream shopping experience across their own websites, apps, and social platforms. Advanced AI capabilities power real-time user-generated-content creation, automated video content repurposing for high conversion video ads, and AI-powered virtual live shopping hosts that are virtually indistinguishable from human hosts, capable of real-time audience engagement. Brands utilize the Company's proprietary AI model trained on tens of thousands of video commerce interactions to automate content creation and intelligent tools designed to optimize merchandising strategies and increase conversion rates. The Company is headquartered in Las Vegas, NV and operates full-service production and creator studios in the Los Angeles, California vicinity. For more information, please visit: Sign up for E-mail Alerts here: About Kingsway Capital Partners Limited Kingsway Capital Partners Limited ('Kingsway') is a London-headquartered, FCA-regulated investment manager, with several billion USD in assets under management, and with over a decade-long history of investing across emerging markets, as well as a >5-year track record as an institutional investor in the growing global digital assets ecosystem. Kingsway has also been an early and active investor in high quality consumer, consumer internet, fintech, payments and gaming companies. The firm has quickly become a leading investment manager in digital assets since entering this industry in 2020, bringing an institutional, disciplined and long-term mindset to the sector. Founded in 2013, Kingsway manages predominantly U.S. institutional and high-net-worth investor capital. The firm's leadership also brings deep sector expertise to this initiative, with its CEO serving as President of the TON Foundation, as well as on the Board of Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements relating to the expected settlement and closing of the PIPE Financing, the Company's Toncoin holdings, the implementation of a TON treasury strategy, the anticipated rebranding of the Company, expected changes in board management of the Company, the Company's future business strategy, and other strategic initiatives. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, and reported results should not be considered as an indication of future performance. Important factors that may affect actual results or outcomes include, but are not limited to: risks related to whether the Company will be able to satisfy the conditions required to close the transactions; the potential impact of market and other general economic conditions; the ability of the Company to successfully execute its business plan and achieve the intended benefits thereof; the Company's failure to manage growth effectively; the Company's failure to fully realize the anticipated benefits of the PIPE Offering; and other risks and uncertainties set forth in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 filed with the SEC, and in the Company's subsequent filings with the SEC. These forward-looking statements speak only as of the date hereof, and the Company disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Important Information The offer and sale of the foregoing securities were made in a private placement in reliance on an exemption from the registration requirement of the Securities Act of 1933, as amended (the 'Securities Act'), pursuant to Section 4(a)(2) of the Securities Act and/or Regulation D promulgated thereunder, and applicable state securities laws. Accordingly, the securities offered in the private placement may not be offered or sold in the United States except pursuant to an effective registration statement or an applicable exemption from the registration requirement of the Securities Act and such applicable state securities laws. Concurrently with the execution of the securities purchase agreements, the Company and the investors entered into a registration rights agreement pursuant to which the Company has agreed to file a registration statement with the Securities and Exchange Commission (the 'SEC') registering the resale of the shares of common stock to be issued or issuable in connection with the offering. This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Media Contact: Edelman Smithfield [email protected] Source: Verb Technology Company, Inc.
Yahoo
19-07-2025
- Business
- Yahoo
TON Launches Tolk, New Smart Contract Language With Lower Costs and Faster Development
The TON Foundation has released a new smart contract programming language called Tolk, aiming to simplify development on The Open Network blockchain while cutting costs for builders. Announced Thursday, Tolk replaces the older FunC language as TON's new development standard and was designed specifically for the network's asynchronous actor model. The foundation says Tolk will make smart contract development more accessible for newcomers and more efficient for experienced teams deploying high-throughput applications. Tolk introduces a cleaner syntax and modern structure, while preserving the low-level control and performance required by advanced developers. According to the foundation, contracts written in Tolk can use up to 40% less gas than equivalent contracts in FunC, offering substantial savings in execution fees and improved scalability. 'This is a turning point for TON developers,' said Anatoly Makosov, core developer at TON Core, in the announcement. 'Tolk delivers the clarity and power developers expect without sacrificing the performance, control, or efficiency needed to scale on-chain.' The launch includes full tooling support, including migration paths for existing contracts and integration with widely used development environments. The Foundation framed the upgrade as a way to remove long-standing bottlenecks in the smart contract workflow and accelerate adoption across decentralized finance, gaming, and social applications. Tolk's introduction is part of a broader strategy by the TON Foundation to enhance the developer experience and drive ecosystem growth by aligning with more modern programming conventions and improving deployment efficiency. Despite the milestone, TON's native token was trading lower at the time of writing. TON-USD stood at $3.1696, down 1.73% over the previous 24 hours, according to CoinDesk data. Technical Analysis Highlights TON-USD fell 2.85% between July 18 at 15:00 UTC and July 19 at 14:00 UTC, sliding from $3.26 to $3.17 in a volatile 24-hour session, according to CoinDesk Research's technical analysis data. Price action ranged 4.73% intraday, swinging between a session high of $3.31 and a low of $3.16. A sharp selloff at 20:00 UTC on July 18, accompanied by 6.18 million tokens in volume, marked a major reversal and confirmed $3.23 as short-term resistance. Buyers consistently emerged near $3.16, establishing it as a key support level, while rallies stalled in the $3.20 to $3.21 zone. By the end of the session, volume had collapsed to 90,006 tokens, signaling potential seller exhaustion despite a prevailing bearish trend marked by lower highs and lower lows. In the final 60-minute window, from 13:09 to 14:08 UTC on July 19, TON fell another 0.81%, briefly spiking to $3.18 before retreating back to $3.16 as support levels weakened and volume continued to fade. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Sign in to access your portfolio
Yahoo
19-07-2025
- Business
- Yahoo
TON Launches Tolk, New Smart Contract Language With Lower Costs and Faster Development
The TON Foundation has released a new smart contract programming language called Tolk, aiming to simplify development on The Open Network blockchain while cutting costs for builders. Announced Thursday, Tolk replaces the older FunC language as TON's new development standard and was designed specifically for the network's asynchronous actor model. The foundation says Tolk will make smart contract development more accessible for newcomers and more efficient for experienced teams deploying high-throughput applications. Tolk introduces a cleaner syntax and modern structure, while preserving the low-level control and performance required by advanced developers. According to the foundation, contracts written in Tolk can use up to 40% less gas than equivalent contracts in FunC, offering substantial savings in execution fees and improved scalability. 'This is a turning point for TON developers,' said Anatoly Makosov, core developer at TON Core, in the announcement. 'Tolk delivers the clarity and power developers expect without sacrificing the performance, control, or efficiency needed to scale on-chain.' The launch includes full tooling support, including migration paths for existing contracts and integration with widely used development environments. The Foundation framed the upgrade as a way to remove long-standing bottlenecks in the smart contract workflow and accelerate adoption across decentralized finance, gaming, and social applications. Tolk's introduction is part of a broader strategy by the TON Foundation to enhance the developer experience and drive ecosystem growth by aligning with more modern programming conventions and improving deployment efficiency. Despite the milestone, TON's native token was trading lower at the time of writing. TON-USD stood at $3.1696, down 1.73% over the previous 24 hours, according to CoinDesk data. Technical Analysis Highlights TON-USD fell 2.85% between July 18 at 15:00 UTC and July 19 at 14:00 UTC, sliding from $3.26 to $3.17 in a volatile 24-hour session, according to CoinDesk Research's technical analysis data. Price action ranged 4.73% intraday, swinging between a session high of $3.31 and a low of $3.16. A sharp selloff at 20:00 UTC on July 18, accompanied by 6.18 million tokens in volume, marked a major reversal and confirmed $3.23 as short-term resistance. Buyers consistently emerged near $3.16, establishing it as a key support level, while rallies stalled in the $3.20 to $3.21 zone. By the end of the session, volume had collapsed to 90,006 tokens, signaling potential seller exhaustion despite a prevailing bearish trend marked by lower highs and lower lows. In the final 60-minute window, from 13:09 to 14:08 UTC on July 19, TON fell another 0.81%, briefly spiking to $3.18 before retreating back to $3.16 as support levels weakened and volume continued to fade. Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
08-07-2025
- Business
- Yahoo
The TON golden visa offer was never about residency. It was about crypto's identity crisis
The TON golden visa offer was never about residency. It was about crypto's identity crisis originally appeared on TheStreet. This past weekend, The Open Network (TON) made an announcement that staking $100,000 worth of Toncoin for three years and paying a $35,000 processing fee, individuals could become eligible for a 10-year golden visa to the United Arab Emirates. The message was clear—crypto wasn't just about finance anymore. It was now offering life-changing, government-backed privileges. Or so it seemed. The proposal promised a streamlined pathway to residency — under seven weeks from submission to approval — along with annual staking yields of 3% to 4% and visa coverage for immediate family members. It was billed as an 'investment alternative' to traditional golden visa routes, which usually require property purchases or large equity injections. And it came with an apparent seal of confidence: Telegram CEO Pavel Durov reshared the announcement on X, lending it a powerful (if implicit) sense of credibility. Have a different take on TON's golden visa pitch? Join TheStreet's Mehab Qureshi on Roundtable and share your view. For a few hours, it worked. Toncoin rallied. Crypto Twitter buzzed. In an industry constantly searching for validation in the real world, this felt like a headline breakthrough. But by Monday, the UAE government had refuted the claim, categorically. In a joint statement, the Federal Authority for Identity and Citizenship, the Securities and Commodities Authority, and the Virtual Assets Regulatory Authority stated clearly: digital asset investments do not qualify for golden visa programs. They warned investors not to confuse promotional material with public policy, and they noted that TON was not licensed or regulated in the UAE. Let's be clear that there's nothing illegal about promoting staking programs. And blockchain-backed yield mechanisms, while still volatile, are a part of mainstream crypto infrastructure. But what made this case stand out was the leap from digital finance into sovereign immigration policy, something no crypto project, no matter how confident, has the authority to promise. The golden visa debate is just getting started. Join Mehab Qureshi on Roundtable to weigh in. To be eligible for a golden visa in the UAE, investors must meet strict criteria: a minimum of 2 million AED (about $544,000 USD) in real estate or public investments, or professional distinction in high-demand sectors like healthcare, research, or entrepreneurship. The visa allows long-term residency, the ability to live and work in the country without a sponsor, and other benefits designed to attract talent and capital. That's why the TON episode should be read not as an isolated misfire, but as a symptom of crypto's deeper identity tension. On one hand, the industry is maturing, platforms like TON, Ethereum, and Solana are increasingly integrated into fintech conversations. On the other hand, there's still a hunger for moonshot moments shortcuts to legitimacy, often pitched without the infrastructure or oversight to support them. In this case, even seasoned observers were caught off guard. Binance founder CZ reacted on X with the simple question, 'Is this real?' And that's the real issue. It's not about TON. It's about how easily bold crypto narratives can break containment—how fast a marketing slide can be mistaken for state-backed policy, especially in a space where tokens double as brands, products, and investments. The UAE has positioned itself as a global blockchain hub, attracting hundreds of firms with its light-touch but structured approach to crypto regulation. But the golden visa is not part of that sandbox. TON's misstep wasn't in building a staking program. It was in assuming that the rules of the blockchain could extend to the rules of a state. There's a lesson here, and it's one the crypto sector would do well to internalize, innovation doesn't excuse overreach. You can build fast, yes. But if you're going to claim real-world access—residency, citizenship, banking—you need real-world permission. Crypto still operates in a credibility economy. And that credibility is hard-earned, easily lost. The more projects blur the line between aspiration and authority, the harder it becomes for the entire space to gain the trust it desperately seeks—from regulators, from users, and from the public. For all its potential, crypto cannot rewrite immigration law. Not yet. And certainly not through a staking pitch. Disclaimer: This article is an opinion piece and reflects the views of the author. The information provided is for informational purposes only and should not be interpreted as legal, financial, or immigration advice. The TON golden visa offer was never about residency. It was about crypto's identity crisis first appeared on TheStreet on Jul 7, 2025 This story was originally reported by TheStreet on Jul 7, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
