Telegram Advances with Crypto Token TON for Ad Purchases
Telegram Advances with Crypto Token TON for Ad Purchases
Telegram advances with blockchain integration with its products. In a recent announcement, the encrypted messaging platform said it will start allowing users to purchase advertisements on its space using Toncoin.
Toncoin, with a ticker symbol ‘TON’ which is short for ‘The Open Network,’ is a blockchain project created by Telegram in 2018. This is at a time when the popular messaging app had ambitions to build its own blockchain to compete with Ethereum.
According to Techopedia, the company successfully raised $1.7 billion for its blockchain thrust and almost launched TON before the US Securities and Exchange Commission entered the picture. The SEC sued Telegram in 2020 over Toncoin over claims that the token should be considered a security.
After four years of hiatus, Telegram is hinting at renewed interest in TON through the recent announcement. A report from CoinGape noted that one of the highlights of the new advertising model is greater autonomy.
Advertisers are now given complete freedom to decide where their ads appear and how much they will spend running their campaigns. This allows them to efficiently communicate with their specific target markets which in turn will ensure the effectiveness of the campaigns.
Cryptonews revealed that the recent decision is part of Telegram’s updated user monetization strategy which will begin allocating 50% of the platform’s public-generated ad revenue directly to the owners.
An October 2023 report from CertiK recognized TON blockchain as the fastest network in the space, overtaking staple names in the finance industry such as Visa, Mastercard, and another blockchain-based network Solana.
TON is currently trading at $5.30, up by 1.88% in the past 24 hours. It recorded a trading volume of $186 million over the period.
