TON Foundation’s Expansion Strategy
The blockchain project known as TON, which is associated with Telegram, is gearing up for a stronger foothold in the United States, especially as the nation prepares for Donald Trump’s presidency.
On January 14, a representative from the TON Foundation shared insights with Cointelegraph about the organization’s optimism for growth in the U.S. under Trump’s leadership.
Leading the charge for this expansion will be Manuel Stotz, who has recently taken on the roles of president and board member of the TON Foundation.
Leadership and Vision
Stotz recognizes the U.S. as a vital financial center with immense possibilities for fostering the use of digital assets amongst everyday users.
In a blog post published on January 14, he expressed eagerness to team up with partners and stakeholders to drive this initiative in the dynamic and innovative landscape of the U.S.
Stotz’s connection to the TON Foundation dates back to its inception in Switzerland in 2023.
He takes over from Steve Yun, who continues to serve as a board member.
Known for his influential investments in the digital asset sphere, Stotz is also the founder of Kingsway Capital Partners, a firm that has backed over 50 projects within the industry, including well-known names such as Animoca Brands, Blockchain.com, CoinDCX, Toncoin, and Genesis Digital Assets.
Project Evolution and Community Impact
This upcoming push by the TON Foundation marks a significant chapter for the organization.
Originally, TON—short for Telegram Open Network—was conceived by Telegram co-founders Pavel and Nikolai Durov, who secured a staggering $1.7 billion for the network and its Gram token in 2018.
Sadly, in May 2020,Telegram had to withdraw from the venture after a long and contentious legal battle with the U.S. Securities and Exchange Commission regarding the TON and Gram, which ultimately led to the closure of the TON testnet.
Post-Telegram’s exit, the project evolved into an open-source initiative, with its full code released on GitHub.
This allowed independent developers and communities the opportunity to create their own networks utilizing TON’s technology.
The establishment of the TON Foundation as a nonprofit organization in Switzerland underscored its reliance on community input and support.
Although Telegram has officially distanced itself from the TON Foundation, the connections between the TON project and its cryptocurrency, Toncoin, remain strong.
Telegram CEO Durov has consistently voiced his support for the TON blockchain.
Consequently, the platform now includes several features related to TON and Toncoin, such as built-in support within its third-party crypto wallet.
As Telegram and the TON Foundation look to the future, it’s clear that the partnership will continue to evolve, making their mark in the burgeoning world of digital assets.
Source: Cointelegraph
