Toncoin Up 13% in a Week Amid Telegram's Usernames Auction

by in Cryptocurrency News

Toncoin Telegram

Toncoin (TON), the native crypto of the blockchain protocol The Open Network, designed by Telegram founders saw a price growth of more than 13.6% in the last 7 days. Currently the coin trades at around $1.4. It’s the 32th largest cryptocurrency with over $1 billion market cap.

Related: The court made Telegram report on all transactions of Grams

TON’s price growth has happened amid the news that the messaging application Telegram has completed the development stage of its auction platform to offer usernames via blockchain.

Telegram CEO Pavel Durov first announced the plans in August. He said the new platform would enable username owners to transfer usernames with ownership protected due to blockchain through NFT-like smart contracts.

The Durov brothers launched the first version of The Open Network (initially called Telegram Open Network) whitepaper in 2018. Facing a lawsuit by the US SEC, in 2020, Telegram ceased active development of TON. Now, the network is controlled by an open-source community.