Telegram Plans to Sell TON at Discount to Long-Term Investors, Limiting Token Holdings to 10%
In Brief
Telegram CEO Pavel Durov said the platform’s holdings of TON will be limited to 10%, with excess holdings to be sold to long-term investors.
Telegram CEO Pavel Durov announced new measures in response to community concerns about the potential overconcentration of TON, the native cryptocurrency of The Open Network and blockchain associated with the messaging application. According to him, Telegram’s holdings of TON supply will be limited to approximately 10%.
Telegram intends to sell excess TON holdings to long-term investors at a price below the current market price. These shares will implement a lock-up and linear unlocking plan spanning 1 to 4 years aimed at reducing free circulation in the market, stabilizing the ecosystem, and mitigating the cryptocurrency’s volatility.
Additionally, Telegram shared a new email address, investors@telegram.org, created specifically for large investors interested in expressing their purchase intentions for amounts exceeding $1 million.
“Thanks to the participation of more long-term holders, TON will remain stable and decentralized,” said Pavel Durov in a Telegram post.
Telegram Ad Platform Initiative
Telegram is a cloud-based, cross-platform, encrypted instant messaging service that is accessible across various platforms and used by people globally. As of last year, Telegram reported having 800 million monthly users.
Recently, Pavel Durov announced the official opening of the Telegram Ad Platform to all advertisers in nearly a hundred new countries. According to the plan, in these countries, channel owners will start receiving 50% of any revenue generated by Telegram through displaying advertisements on their channels. The platform aims to conduct advertisement payments and withdrawals by exclusively utilizing the TON blockchain.
Following the announcement’s release, TON surged by almost 40%, reaching over $2.92. As of the writing time, TON is trading at $2.60, slightly lower than yesterday, according to data from CoinMarketCap.
The implementation of new strategic measures, combined with the recent expansion of Telegram services, aims to foster the growth and advancement of the TON blockchain and reinforce Telegram as a leading social network.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
