The crypto project first incubated by Telegram has found its way to a surprising new place: the public markets.
What’s happening:
- Telegram’s incubated crypto token known as TON has risen to exceptional popularity in the world of digital assets and is now becoming adopted by the traditional public markets at a rapid pace
Why it matters:
- The overlap between traditional public markets and digital assets continues to expand, with spot Bitcoin and Ethereum ETFs both landing regulatory approvals to list on major stock exchanges in the United States and asset management giants such as State Street partnering up with Galaxy Digital (TSX: GLXY) to launch new crypto focused ETFs
By the numbers:
- TON currently is the 11th largest digital asset globally by market capitalization
Who is making moves:
- Asset management giant 21Shares’s ETF for TON which is primarily listed on the SIX Swiss Exchange recently crossed $100M USD in assets under management
- DeFi Technologies (CBOE: DEFI) previously launched an Exchange Traded Product for TON on the Nordic Growth Market
Going deeper:
- Telegram has been making a flurry of new moves to expand their presence in crypto, including building out new integrations for digital assets and the launch of their own crypto asset which is purpose built for in app payments between users globally
The fine print:
- While Telegram first incubated and launched TON, they later turned the project over to be open source and accessible to crypto developers after a regulatory battle with the United States Securities and Exchange Commission which deemed that TON was ultimately selling unregistered securities to their users
