Telegram's cryptocurrency project failed before it kicked off due to regulatory concerns, but the company is set to launch another one.
Telegram abandoned its TON blockchain last year due to regulatory reasons. However, CEO Pavel Durov has backed one of the competing spinoff projects. Telegram remains one of the leading social media platforms in the world, and its endorsement is powerful.
CEO Pavel Durov believes that the TON blockchain project is not dead but has instead changed to something better. In his official Telegram channel, Durov said;
"When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform. So I was inspired to see the champions of Telegram's coding contests continue developing the open TON project, which they rebranded to Toncoin."
According to Durov, the new blockchain is independent of Telegram and will work on its own. He added that;
"I'm proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm. It would have been a shame to see this project not benefitting humanity. Unlike the original TON, Toncoin is independent of Telegram. But I wish its team the same success. Coupled with the right go-to-market strategy, they have all they need to build something epic."
Social media and tech companies have been entering the crypto and blockchain space in recent months. Facebook rebranded to Meta three months ago as it looks to expand its presence in the metaverse space.
The cryptocurrency space has experienced massive growth over the past few months. More corporate entities are expected to enter the market in the coming months and years, leading to further growth of the cryptocurrency industry.