Key Points
- Toncoin (TON) recorded a price surge today of over 13%.
- Earlier the team behind TON announced via X that BtcTurk crypto exchange listed TON token.
Today, Toncoin (TON)’s price surged by over 13%, reaching $7.1. The token’s market cap is close to $18 billion at the moment of writing this article.
Earlier today, TON reached prices over $7.2.
Turkey’s Largest Crypto Platform Lists TON
The team behind the TON blockchain shared a post via their X account earlier, announcing that Turkey’s largest crypto trading platform has listed TON.
According to their official announcement, BtcTurk notes that deposits and withdrawals of TON are now live and trading against the Turkish lira and USDt is set to begin on August 15, at 12:00 PM UTC.
The announcement also notes that BtcTurk is one of Turkey’s first centralized exchanges and it facilitated the first Bitcoin purchase in Turkish lira on July 1, 2013.
The platform reportedly serves over 5 million registered users and offers 24.7 Turkish lira deposits and withdrawals via integration with seven Turkish banks, offering low exchange fees to users.
🔈 @BtcTurkKripto, Turkey’s largest crypto trading platform, has listed $TON!
Deposits and withdrawals for $TON are now live, with trading against the Turkish lira and $USDt set to begin on August 15 at 12:00 PM UTC. 💎
As one of Turkey’s first centralized exchanges, BtcTurk… pic.twitter.com/VRTZ67ZkQD
— TON 💎 (@ton_blockchain) August 14, 2024
What is Toncoin (TON)?
Toncoin (TON) is the native crypto of the decentralized L1 blockchain, The Open Network. The TON blockchain is open-sourced and supported by a lot of network contributors including the TON Foundation.
The Open Network aims to address common limitations that are faced by blockchains including the following:
- Scalability
- Speed
- Usability
The development of TON started in 2018 led by Telegram founder, Pavel Durov and his brother Nikolai Durov. At first, the project aimed to integrate a blockchain-based crypto Gram into the Telegram ecosystem that would allow users to make transactions and access Dapps from the messaging app.
The US SEC forced Telegram to halt its involvement in the project in 2020. The project was later revived by the open-source community and rebranded to The Open Network.
The Open Network is built with an interoperable architecture that allows users to create various services and dApps. The project is community-driven and includes important use cases.
TON offers scalability, fast transactions, and a flexible multi-chain architecture and the Telegram integration and strong design features offer the project a strong foundation.
On August 8, we reported that Binance also listed TON.
