Binance Introduces New Trading Option for Telegram's Toncoin with High Leverage

Binance, a leading cryptocurrency exchange, has unveiled perpetual contracts for TON (Toncoin), developed by Telegram. This new offering, announced to start at 12:30 UTC on March 1, 2024, allows trading with up to 50x leverage. Despite Toncoin not being directly purchasable on Binance, this move enables traders to speculate on its price through futures. This launch aligns closely with a recent initiative by Telegram's founder, Pavel Durov, to monetize channel content. Durov declared that channel operators will earn 50% from ad revenues starting in March, as the Telegram Ad Platform broadens to nearly 100 countries.

This strategy aims to incentivize content creation on Telegram, promising enhanced income for channel owners through ad shares. Durov highlighted the platform's vast reach, with 1 trillion monthly views, and assured that transactions, including payouts, would utilize the TON blockchain, enabling creators to withdraw their earnings or reinvest in their channels. Toncoin's market presence has been notable, with its market capitalization reaching $9.5 billion, positioning it 15th among cryptocurrencies, as per the latest CoinMarketCap data. This growth trajectory was partly influenced by the success of the play-to-earn game Notcoin on the TON blockchain.

It attracted over 20 million players shortly after its launch, showcasing the blockchain's capability to support viral applications. Additionally, Telegram has been expanding its ecosystem, with the recent introduction of The Open Network's self-custodial wallet. Initially rolled out in select African nations, the plan includes broadening access to users across the MENA region, Eastern Europe, and Asia by the end of the first quarter of 2024, aiming for global availability by the second quarter. The wallet supports various cryptocurrencies, including Toncoin, USDT, and BTC, underlining Telegram's ambition to provide comprehensive blockchain-based solutions.