Telegram messaging service founder Pavel Durov has given his support to the TONCoin project. The Telegram co-founder has written he was inspired by the fact that the champions of the messaging service's programming contests decided to continue the development of the TON project, which was later "renamed TONCoin."
He has said:
"Unlike the original TON, Toncoin is independent from 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."
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The price of TONCoin (TONCOIN) has skyrocketed 45% after the news broke. At press time, the price of the token stands at $3.5. In May 2020, Pavel Durov announced the completion of work on the blockchain platform Telegram Open Network (TON).
Durov said at the time he was satisfied with the technological results, however, US courts prevented the implementation of the project. Durov has also pointed to the "paradoxical" decision to ban the distribution of Gram among investors outside the United States, even if all other countries do not oppose TON.