Original author: Editor Jr.
Reprinted: Daisy, Mars Finance
A new member joins the cryptocurrency reserve company! The US-listed company Verb Technology announced on August 4 that it has reached a private equity financing (PIPE) with several institutional investors, expecting to receive $558 million in funding, which will be used to invest in the native cryptocurrency $TON of the public chain TON.
The announcement stated that this transaction is expected to be completed on August 7, and on the same day, Verb Technology will officially be renamed TON Strategy Co. (TSC). At the same time, after using the raised funds to purchase TON tokens, the company will also stake its held TON to generate more cash returns.
Traditional capital and cryptocurrency funds gather, luxurious management team in place
The announcement further stated that this PIPE financing attracted over 110 institutional investors, led by Kingsway Capital, with other investors including Vy Capital, Blockchain.com, CMCC Global, Pantera, MEXC Ventures, ParaFi Capital, Luxor Capital, Arrington Capital, Animoca, Kraken, BitGo, FalconX, Orbs Group, The Open Platform, and others.
At the same time, Kingsway founder Manuel Stotz will serve as the executive chairman of TSC; former TON Foundation senior advisor Veronika Kapustina will serve as CEO; former JPMorgan Onyx development head Sarah Olsen will serve as CFO. Peter Smith, co-founder of Blockchain.com, will serve as a special advisor. The management team spans finance, technology, and blockchain, and is seen as a dual insurance for TSC's compliance and operations.
Manuel Stotz emphasizes:
"Telegram is the preferred communication tool for the increasingly growing global crypto community, and $TON is the currency driving the Telegram ecosystem. In my opinion, permanent capital tools are particularly suitable for long-term holding of $TON, as it not only has appreciation potential but also provides staking yields, which means TSC can benefit from staking rewards."
Telegram's tens of millions of users drive the explosion of the TON ecosystem
When major cryptocurrency reserve companies on the market focus their attention and funds on Bitcoin and Ethereum, why does Verb choose TON? The company explained in the announcement that Verb values the core advantage of TON in its deep integration with Telegram.
Telegram's monthly active users exceed one billion, with about 87 million in the United States alone. Users can directly send and receive TON, purchase username NFTs in the chat interface, and pay for Telegram advertising fees with TON. For developers, TON is the only authorized blockchain for Mini Apps, which can be said to have formed an entry-level monopoly.
However, currently, "cryptocurrency reserve stocks" packaged in the public market provide institutions with a new tool for legally holding digital assets. But whether it is a Bitcoin reserve company, an Ethereum reserve company, or a TON reserve company, they still face significant challenges, such as the extreme volatility of the crypto market and the lack of unified regulatory standards in various countries. If the growth rate of the TON ecosystem does not meet expectations, TSC's asset portfolio will also directly face valuation pressure.
Verb Technology's stock price skyrockets
Inspired by this news, Verb Technology stock (VERB) surged rapidly after the opening of the US stock market this evening (4). At the time of writing, VERB is temporarily reported at $14.97 in US market trading, with an intraday increase of up to 55%, and the market value has risen to $20.87 million.
