TON surges after Telegram CEO reveals he holds Bitcoin and TonCoin

July 20, 2023 12:26 AM AEST | By Invezz

TON surges after Telegram CEO reveals he holds Bitcoin and TonCoin — Image source: Invezz

Durov comments on company’s growth

According to Durov, Telegram currently sees more than 2.5 million new users every day and that the encrypted messaging app notched past 800 million monthly active users early this year.

The company also raised $210 million last week, with the funding secured from the issuance of $270 million worth of bonds. The Telegram chief executive noted that he personally invested in approximately 25% of the issued bonds, with his investment in the company over the past decade totalling millions of dollars.

On why he invests in the app, Durov said:

“Some people suggested I should have instead bought a house or a jet. But I prefer to stay focused on my work, without “owning” anything (well, apart from Telegram, some Bitcoin and some Toncoin).”

TON (The Open Network) was initially a Telegram project, but the company abandoned it in 2020 following a regulatory battle with the US Securities and Exchange Commission. The blockchain project is currently developed by a community under the TON Foundation.

The post TON surges after Telegram CEO reveals he holds Bitcoin and TonCoin appeared first on Invezz.

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