Toncoin, the native token of Telegram’s fully decentralise layer-1 blockchain ‘TON’ has made available for purchase and exchange on Indian crypto exchange, Unocoin.
TON or The Open Network was first thought of by the Durov brothers, founders of the Telegram messaging app around 2018. In 2022, the TON mainnet went fully live and operational and is currently being managed by the TON Foundation.
Telegram users can send Toncoin directly within Telegram chats but before that, users are require to add Telegram’s Wallet bot to their attachment menu.
TON can be scale, share and equip to adapt to the market requirements, Unocoin claim in a press release on Monday.
Sathvik Vishwanth, the co-founder and CEO of Unocoin said in a statement :
“Toncoin stands from other layer-1 blockchains with various distinctive features and is equipped to fulfil multiple transaction needs. With this inclusion, we look forward to ultra-fast transactions, onboarding more users on the platform,”.
Earlier in April, the TON foundation, had raised $1 billion (approx. Rs. 7,900 crore) in donations to further its development efforts.
Telegram engage in a lengthy bout with the Securities and Exchange Commission (SEC) in 2019, which force it to shut down its own cryptocurrency operation, including the native token ‘Gram’, in 2020.
Telegram CEO Pavel Durov and his brother Nikolai had develop the project, originally known as the Telegram Open Network (TON).
After Telegram drop the TON project, a group of developers continue to work on it.
They later rename it The Open Network and rebrand Gram as Toncoin.
As of now, Unocoin is the only crypto exchange in India to list Toncoin on its platform.
Unocoin’s decision to list Toncoin for Indian traders comes after Indian crypto exchanges recorded a nosedive in trading volumes after the one percent TDS rule on each transaction went live on 1st July 2022.
The average daily transaction volume on Indian exchanges WazirX, CoinDCX, BitBNS, and Zebpay dip to $5.6 million (approx. Rs. 44 crore) in the last few days. Up until June, this volume was around $10 million (approx. Rs. 80 crore).
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