On September 6, The Open Network Foundation (TON Foundation) announced its launch as a Swiss non-profit organisation. According to the press release, Switzerland’s regulatory clarity in blockchain and crypto may help in advancing the TON ecosystem.
“This marks the next chapter for the Toncoin community,” said Steve Yun, President of TON Foundation. “At the service of our community, TON Foundation will pursue strong governance and transparency under the guidance of Swiss regulations.”
Press release overview
The launch comes as a step towards supporting The Open Network (TON). As stated in the press release, Switzerland has a precise legal framework, which is crucial for the long-term planning, strategy, and execution of TON Foundation’s mission.
It also aligns with several upcoming initiatives, which include enterprise partnerships and integrations designed to incentivize developer acquisition, encourage user participation, and foster network growth. The team promises to release a publicly available roadmap by the end of 2023 here.
Furthermore, the Foundation claims that it will provide transparency reports with insights into token issuance, partnerships, development, etc.
In addition, the TON Foundation has announced an annual event “Gateway” to engage with the TON community. Gateway will take place in Dubai and span two days from November 10.
What else is happening within the TON ecosystem
In August, @Wallet, a Telegram custodial wallet bot for TON, BTC, and USDT, launched a beta version of TON Space. TON Space is a full-fledged non-custodial wallet like MetaMask or Trust Wallet, but inside @Wallet within Telegram.
By the way, starting September 1, testers can interact with NFTs via TON Space. You can see the interface in the tweet below.
TON price
During the last month of summer, TON showed a solid rise from $1.19 to $1.77, even though Bitcoin has fallen by 11% for the same period. In early September, TON’s value stood at $1.98, but it has dropped slightly to $1.81 by now.
Currently, TON ranks in the 11th position in terms of market capitalization at $6.2 billion.
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