🌵TON-Telegram Duo, a Web3 Mass Adoption Blueprint?
[BlockchainAsia #59]
Welcome back to BlockchainAsia. I am Coco. This edition will zoom in on TON and Telegram, new developments, and deals related to APAC.
First, I want to announce the completion of 10 interviews for the BlockchainAsia Podcast. Although being a podcast host is harder than I originally thought, I enjoy every conversation and the experience is incredibly rewarding.
I've curated a collection of highlights from these insightful discussions to mark this milestone. I extend my sincere gratitude to all my guests for their invaluable contributions. Listen on Apple, Spotify, or Amazon Music
Telegram & TON
TON is making serious waves these days. A recent CoinMarketCap live chat on "The Future of GameFi" hosted by TON Blockchain drew a jaw-dropping 3,000 participants.
Many know Telegram, but few remember its troubled ICO. The company, founded by Pavel Durov, raised $1.7B in 2018 for its TON blockchain project. However, the SEC intervened, halting the offering of TON’s native coin Gram and imposing a hefty fine of $18.5M.
Despite the setback, TON survived. It broke free from Telegram and is now a standalone project under the TON Foundation. Its TVL has skyrocketed since April 2024, and its native token, TONcoin, is gaining momentum.
A key to TON's success is its partnership with Telegram. The messaging giant endorses TON and TONcoin as its Web3 infrastructure. The introduction of Telegram Wallet enables Telegram users to interact with cryptocurrencies, e.g. TONCoin and stablecoins, e.g. USDT, and use Web3 mini-apps built on TON. More information by CoinGecko
My podcast with DY [19:43 - 21:22] in March revealed Telegram's ambition to become a "Web3 WeChat," a SuperApp with an excessive cluster of mini-apps. TON is actively courting developers from the WeChat ecosystem to build on its platform.
TON’s strategy is clear: attract Web2 gamers and developers to the Web3 space initially. With Telegram's massive user base (900M monthly, 12%+ annual growth rate), TON could potentially convert hundreds of millions into Web3 users.
This Telegram-TON alliance offers a blueprint for mass Web3 adoption. It demonstrates the power of leveraging an existing popular platform to on-board new users.
I've experimented with various Web3 social platforms, but they often fall short in terms of user-friendly UI/UX. TON and Telegram's strides suggest a crucial lesson: focus on creating compelling products that people want to use, rather than obsessing over Web3 jargon.
TON's investors include heavyweights like Pantera, Animoca Brands (TON’s largest validator as well), Mirana Ventures, and Yolo Investments. Pantera's bullish stance on TON is outlined in their "TON, Our Largest Investment Ever" report.
Developments
Former President of EU Chamber of Commerce in China Joerg Wuttke’s interviews with NZZ to discuss China’s economy, trade conflicts, and more. NZZ
Paxos’ Singapore entity has received approval from the Monetary Authority of Singapore (MAS) to offer digital payment tokens. Singapore becomes the third market, following the US and UAE, where Paxos is authorized to issue stablecoins. Bloomberg
UAE real estate developer MAG will tokenize $500M worth of real estate assets via Mantra blockchain. Mantra
SEC vs Binance charges Galaxy on X CZ is now serving a 4-month sentence in a federal jail in California.
Korean crypto venture fund Hashed Venture has expanded to Abu Dhabi to help Korean startups grow globally. Bloomberg
Singapore’s ecosystem is not ready for BTC ETFs. Reuters
Hong Kong adds new Southbound and Northbound ETF products to investors in Mainland China and Hong Kong respectively. My source confirms no crypto ETFs are on the list. Linkedin
Hong Kong is getting closer to regulating stablecoin issuers. The Block
Binance is trying to reduce its share in the Korean exchange Gopax to no more than 10% under the pressure of the local regulator. The Block
MAS’ plan for a global layer 1 for regulated tokenized assets. LinkedIn
Indian exchange WazirX came up with a solution after being hacked and losing $230M, half of its reserves. Forbes
Telegram is launching a Web3 Mini App Store. Cointelegraph
Argentineans combat high inflation by turning to exchanges to buy and hold USDT. Forbes
TON Foundation and Animoca Brands partner to create a reserve to incentivize developers and user adoption on TON. TON’s Blog
Binance released the Half Year Report of 2024. Report
Deals
Crypto trading firm Wintermute is raising a Series C round of around $200M-$300M at a valuation of $2B. The Chinese tech giant Tencent is one of its target investors. Bloomberg
Omnichain data network Chainbase raised $15M Series A led by Tencent Investment Group and Matrix Partners China and participated by Folius Ventures, Hash Global, JSquare, Mask Network and Bodl Ventures.
UTXO Management, a BTC ecosystem fund, received investment from Hong Kong-listed company Boyaa Interactive, a developer and operator of virtual card and board games in China.
Thanks for reading!
Coco
I am Coco Kee, author of BlockchainAsia, host of BlockchainAsia Podcast, Co-founder of Kee Global Advisors, and a dog lover with a Goldendoodle.
Email me if you want me to include your company’s stories or be my Podcast’s guest. Follow me on Linkedin and Twitter. I love to hear from my readers and make new friends.
BlockchainAsia Podcast is available on Substack, Apple, Spotify, and Amazon.
The content in BlockchainAsia newsletters and Blockchain Podcast is for informational and educational purposes only, represents personal views and opinions, and does not constitute investment advice or recommendations.