Messaging App Telegram Considers IPO as Toncoin Surges
Messaging app Telegram, which currently has 900 million monthly users, is considering an initial public offering (IPO), according to founder and CEO Pavel Durov. The announcement has sparked a surge in the price of The Open Networkโs Toncoin (TON), which reached its highest price since December 2021.
The History of The Open Network
The Open Network, originally known as the Telegram Open Network, was launched in 2017. However, the project was dropped in 2020 due to regulatory issues with its initial coin offering (ICO). Despite this setback, the project has continued independently and Telegram has been increasingly using and integrating the blockchain technology.
Toncoinโs Price Surge
Following the news of Telegramโs potential IPO, the price of Toncoin experienced a significant surge. According to CoinGecko data, the cryptocurrency reached a high of $3.84 per coin. This marks a nearly 38% increase since the beginning of Monday and the highest price seen for TON in several months.
- Toncoinโs current price is $3.70, representing a 19% gain over the past 24 hours and a 37% rise in the last seven days.
- Over the past month, TON has seen a remarkable increase of 75%.
Telegramโs Growing User Base and Revenue
In an interview with The Financial Times, Pavel Durov revealed that Telegram now has 900 million monthly users, compared to 500 million in 2021. Additionally, he stated that the company has generated โhundreds of millions of dollarsโ from subscriptions and advertising in recent years.
- Telegram is approaching profitability and may achieve it this year or next.
- The company has turned down investment offers valued at $30 billion or more in order to pursue an IPO and maintain independence from venture capital influence.
Integration of Toncoin within Telegram
Telegram has recently announced that it will share ad revenue with channel owners and exclusively pay out earnings in Toncoin. Last year, The Open Network Foundation launched a self-custody crypto wallet within the messaging app, further integrating the technology for users.
Rising Buzz around Notcoin
Notcoin, a viral Telegram game with 27 million players, is also contributing to the increased interest in Toncoin. The game is set to launch its own cryptocurrency token (NOT) on The Open Network in the coming weeks and will provide an airdrop to active players.
Hot Take: Telegramโs Potential IPO and Toncoinโs Surge
The news of Telegramโs potential IPO and the resulting surge in Toncoinโs price highlights several key points:
- Telegramโs growing user base of 900 million monthly users demonstrates its increasing popularity as a messaging app.
- The decision to consider an IPO reflects Telegramโs desire to remain independent and democratize access to its value.
- Toncoinโs integration within Telegram, including ad revenue sharing and exclusive payment in the cryptocurrency, further strengthens its position as a valuable asset.
- The upcoming launch of Notcoin on The Open Network adds to the excitement surrounding Toncoin and its potential for future growth.
Please note that the views expressed in this article are for informational purposes only and should not be considered financial or investment advice.
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