Toncoin Soars as Telegram's User Base Grows and Potential IPO Looms

By: Isha Das

The cryptocurrency Toncoin (TON), backed by popular messaging app Telegram, has seen a recent surge, driven primarily by buzz surrounding a potential Initial Public Offering (IPO) by Telegram. The platform's adoption of TON as its preferred blockchain, coupled with impressive user growth and profitability strides, is fuelling positive sentiment around the cryptocurrency.

Telegram's CEO, Pavel Durov, in a recent public interaction, revealed that the platform's user base has swelled to over 900 million, up from 500 million a year ago. New revenue streams, such as advertising and premium subscriptions, have enabled the company to rake in 'hundreds of millions of dollars', putting it on the path to profitability.

According to unnamed sources, the platform is considering a US ticker listing once it becomes profitable and market conditions become favorable. Should an IPO happen, Telegram has plans to sell a portion of its shares to its users, a move mirroring Reddit's recent strategy.

Potential investors have valued Telegram in excess of $30 billion. Meanwhile, Toncoin's value has risen 97% in the past month, hitting new yearly highs. The rising trend is attributed not only to Telegram's growth but also the introduction of TON into the app's interface and a new ad revenue-sharing system. With a $15 billion market cap, TON now ranks as one of the top 13 cryptocurrencies in the world.