Hong Kong’s leading regulated digital asset platform has expanded its over-the-counter (OTC) trading services to include Toncoin (TON) as a token in response to a growing institutional demand for crypto. Getting more professional investors from the region to trade in Toncoin securely and conveniently, this move serves.
The service will allow members of this select initial group of eligible users to trade back and forth between TON and fiat currency USD, USDT, or HKD while enjoying the protection of OSL’s secure custody services and fiat on/off ramp solutions.
The Open Network’s (TON) native cryptocurrency, coin, or $TON, has been gathering steam in the Web3 space based on Telegram’s usage as one of the world’s most-used messaging platforms. With Telegram’s blockchain and digital asset offerings expansion, the TON token has become a hot topic among institutional investors and has received large amounts of funding.
TON’s Growth Fueled By Scalability, Security, And Utility
TON was launched to bridge Telegram’s platform and is meant to be focused on scalability, security, and cross-chain interoperability. Growth has been notable, with investments like a $250 million injection from Pantera Capital and an even more recent $5 million from crypto exchange OKX.
TON focuses on growth and utility, which we’ve seen from the network, with 1 billion transactions in September. TON surpassed 1 billion transactions, indicating the network’s growing popularity and the token’s growing utility in different blockchain applications. Brexit has also helped fuel growth by making blockchains and Bitcoin more attractive for entrepreneurs, an innovation in the sphere that has been innovations like gasless transactions where users can interact with the blockchain without ever holding tokens for transaction fees.
🚀 The Open Network (TON) has surpassed 1 billion total transactions in the wake of an airdrop, which also caused two major network outages.#Telegram #TONhttps://t.co/qqOymx19IO
— Cryptonews.com (@cryptonews) September 3, 2024
But the network has had its bumps along the way. Two network outages came after a high-profile airdrop of DOGS memecoins comprised 30% of network activity. The network processed 20 million transactions last year and set a record for daily active users, although it also saw rising fees and bogged down validators.
The integration of TON into OSL’s OTC trading platform in Hong Kong is an important part of TON’s evolution, as it is believed to stabilize the network and provide a layer of professional investors using it.
Trading pairs (TON/USD, TON/USDT, and TON/HKD) are introduced, providing professional investors with easier access to The Open Network. With its firm infrastructure, composed of secure custody services and fiat interoperability, OSL is well-placed to support the growing demand for institutional exposure to blockchain projects related to widely adopted platforms such as Telegram.
Demand for digital assets has surged from institutional and retail perspectives, and tokens associated with platforms with large user bases, including Telegram, have been extremely popular. Late last year, a report showed that Telegram’s crypto services had amassed at least $400 million in digital assets by the end of 2023, and thanks to integrated wallets and digital collectibles, it accounted for 40 percent of its revenue.
While Telegram generated $342.5 million in revenue, it lost $108 million on its operating activities, revealing how difficult it is to incorporate cryptocurrency into a more general business model.
Tether has even joined TON in far greater fashion than OSL and certainly more than Coinbase ever did. Tether has announced the launch of a Dirham-pegged stablecoin in partnership with Phoenix Group and Green Acorn, which raises a noteworthy development within the TON ecosystem.
TON’s market explosion was fueled by the continued rise of Tether’s USDT stablecoin: in just six months, USDT hit one billion USDT on the TON blockchain. This milestone proves TON’s ability to become a leading entity in the global stablecoin market.
The $2.8 trillion one-time global stablecoin market is expected to grow to $150 billion, a growth we identified as early as a year ago. USDT, held by Tether and with a massive market cap beyond $115 billion, still holds importance in markets with high inflation, like Turkey, Argentina, and Brazil, where demand for stable digital coins is strong.
The future of The Open Network looks promising as institutional investors flock to Toncoin and other blockchain projects. While it remains to be seen how OSL’s new offerings and the innovations running in the TON ecosystem will affect the broader crypto market, now’s the time for us to invest!
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