One altcoin project based on Ethereum (ETH) has quietly outperformed most of the crypto market this month, embarking on a rally after tech entrepreneur Pavel Durov made an announcement.
On November 30th, the billionaire announced that top encrypted messaging platform Telegram would be updating Fragment, its decentralized auction platform, to include non-custodial crypto wallets and a decentralized exchange (DEX).
Durov’s announcement was partially in response to the collapse of FTX and the consequential scrutiny of centralized crypto firms.
Said Durov,
“This week, Fragment will expand beyond usernames. Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies.
This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users.”
Since the announcement, Toncoin (TON) has rallied from $1.71 to a high of $2.85 today for a gain of 66.6%. Bitcoin (BTC) and ETH have rallied 11% and 5% in the same timeframe, respectively.
Toncoin is the native token for the blockchain developed by The Open Network (TON) Foundation, an independent community of developers that is using the open-source technology that Telegram developers originally created but ultimately broke ties with.
TON can also be sent natively by Telegram’s 550 million users within the platform without entering long wallet addresses. At time of writing, TON is trading at $2.61 with a market cap of just over $3.79 billion.
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