Crypto exchange Huobi Global has announced that it will be listing Toncoin, the native cryptocurrency of The Open Network (TON) ecosystem, on Wednesday, September 7th, 2022. The listing will see TON available for trading on one of the largest cryptocurrency exchanges in the world in a TON/USDT spot trading pair.
The listing was announced by Huobi Global on September 5th as part of a strategic partnership with the TON Foundation. Toncoin, which is a token that is available to transact on the messaging platform, Telegram, has now moved out into the mainstream with this new listing.
The project had previously raised $250 million through the Huobi Incubator, which is part of the Huobi Group. This partnership will not only see Toncoin listed on the crypto exchange, but there is an extensive marketing budget of 1 million TON tokens planned to go towards marketing events, trading contests, airdrops, and staking with up to 300% APY.
Founding member of the TON Foundation, Steve Yun, expressed excitement at the partnership with Huobi. He states that the TON Foundation is “excited that Huobi Global now supports TON mainnet. We look forward to actively supporting the TON ecosystem together.”
The partnership is also focused on expanding the offerings and opportunities in Web3. Both parties plan to leverage the collaboration to support developers and businesses, as well as provide investments, incubate projects, and implement technologies and projects based on the TON blockchain.
“By leveraging its user-friendly mass-market products, TON has the potential to become one of the most promising layer-1 blockchains that could bring hundreds of millions of Web 2.0 users to the crypto world,” Lily Zhang, Chief Financial Officer of Huobi Global. “With the integration of TON mainnet, Huobi is well-equipped to support promising projects built in the TON ecosystem.”
About The Open Network (TON)
The Open Network (TON) is a community-run Layer 1 proof-of-stake blockchain that was developed in 2018 by the founders of Telegram and the Durov brothers. It is a blockchain that enables lightning-fast and ultra-cheap transactions. It is a fully scalable decentralized blockchain that has easy-to-use applications and an environmentally friendly design.
The Durov brothers had officially handed over TON to the community, and since then, the blockchain development has been led by the TON Foundation, made up of a non-commercial group of supporters and contributors whose sole purpose is to help grow the blockchain.
Toncoin, the native token of TON, is the only cryptocurrency that is transferrable between users on the Telegram messaging app. Users are able to send crypto among themselves using the @wallet bot in a seamless manner.
About Huobi Global
Huobi Global is a cryptocurrency exchange that was founded in 2013 and has quickly grown to prominence since then. Data from Coinmarketcap shows that the exchange is the 9th largest in the world, with daily volumes of more than $500 million. Huobi is licensed in 12 countries, including the United States, Thailand, Japan, and Gibraltar.
The company has since grown to develop various arms dedicated to different parts of the business. HECO Chain is an environmentally friendly blockchain that caters to developers, Huobi Capital is the investment arm of the group, and Huobi DeFi Labs caters towards helping decentralized finance (DeFi) development, amongst others.