Layer 1 blockchain The Open Network (TON) surged more than 13% in 24 hours after suddenly gaining support from the world’s largest cryptocurrency exchange by volume.
Toncoin is trading at $6.22 at the time of writing, up from $5.44 a day ago.
In a new announcement, Binance says it is listing TON with a seed tag, which the platform applies to tokens that have higher volatility potential. Users who own assets with tags must pass tests every 90 days to ensure they are aware of the inherent risks.
TON was originally developed by encrypted messaging platform Telegram and known as the Telegram Open Network, but Telegram split from the project in 2020 following a legal battle with the U.S. Securities and Exchange Commission (SEC).
That year, the Open Network, an open-source developer community, took over management of the technology. However, Telegram’s 700 million users can still send TON within the platform without having to enter long wallet addresses.
Earlier this year, crypto asset management firm Pantera Capital invested in TON. The token’s connection to Telegram motivated the firm’s decision to invest capital in the project, according to Ryan Barney, a partner at Pantera.
“We believe TON has the potential to introduce cryptography to the mainstream as it is widely used within the Telegram network.
Telegram has over 900 million monthly active users on its fast and secure forward-looking messaging platform, used for personal and group communications, building large-scale communities, sharing content and more.
By leveraging Telegram’s large user base and seamless user experience with the dynamism of TON’s emerging ecosystem, we believe TON has the potential to become one of the largest crypto networks.
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