In March, the Ton Foundation itself, responsible for the development of TON, received an investment of R$ 2.3 billion from various venture capital firms.
Toncoin cryptocurrency (TON) (Photo credit/blog Ton)
Toncoin (TON), the cryptocurrency linked to Telegram, is experiencing a strong rise this Wednesday (28). The hiring of Nikola Plecas, with over 7 years of experience at Visa, explains the upward movement.
Another reason that may have driven the rise of TON is the rumors that Telegram is raising $1.5 billion (R$ 8.5 billion) through debt securities. Among the counterparties would be giants like BlackRock, Mubadala, and Citadel.
Although Telegram claims not to be involved in the development of Toncoin, the cryptocurrency was created after the U.S. government banned the launch of the old TON (then called The Open Network) and the messenger continues to be its main exposure channel.
Ton Foundation hires ex-Visa, Telegram aims to raise $1.5 billion via securities.
The hiring of Nikola Plecas by the Ton Foundation was announced this Wednesday (28). According to the statement, the executive will hold the position of vice president of payments, which should boost the use of TON as a proper currency.
“In this role, Plecas will lead the evolution of TON's payment architecture to meet the needs of a rapidly growing user base, which includes developers, businesses, and over 1 billion Telegram users,” the text points out.
The executive had nearly 8 years at Visa. Since 2021, Plecas worked in the cryptocurrency sector of the card giant, starting as a director and being promoted to senior director in 2023.
“After nearly 8 years at Visa, I decided to take on a new challenge and work more directly at the intersection of crypto and payments,” Plecas wrote on his LinkedIn.
The Wall Street Journal reported that Telegram is seeking $1.5 billion through debt securities.
Sources from the newspaper indicate that the counterparties would be BlackRock, the world's largest asset manager, as well as Mubadala, the investment fund of the Abu Dhabi government. Other names like Citadel are also expected to participate in this funding.
Toncoin cryptocurrency (TON) is the highlight of the day.
The two news items caused Toncoin to spike this Wednesday (28). While Bitcoin falls 1.6%, TON operates up 16.2% in the last 24 hours.
Currently, the cryptocurrency linked to Telegram is the 16th largest in the market, with a market cap of $8.6 billion. Its main use is within the messenger itself, where it can be used for various purposes.
Updates about the project can be found on the Toncoin blog.
In March, the Ton Foundation itself, responsible for the development of TON, received an investment of R$ 2.3 billion from various venture capital firms, including names like Sequoia Capital, Ribbit, SkyBridge, and Draper Associates.