A blockchain company closely associated with Telegram Messenger LLP is preparing to expand in the United States, attracted by the prospect of a favorable regulatory environment under the new administration led by Donald Trump.
According to a statement, the Open Network Foundation (abbreviated as TON) has appointed board member Manuel Stotz as president, focusing on growth in the world's top economies as a new strategic priority.
Stotz, founder of investment management company Kingsway Capital Partners Ltd., replaces Steve Yun, who remains on the board.
Stotz stated that the TON Foundation expects "the United States to soon become a global crypto hub focused on innovation."
The incoming President Trump, who will be inaugurated on January 20, has vowed to make the United States a key player in the digital asset sector.
This contrasts sharply with the cryptocurrency crackdown measures implemented by the outgoing administration of President Joe Biden.
The TON Foundation, a non-profit organization, is dedicated to nurturing the TON digital ledger, which enables Telegram's 950 million users to access services like in-app payments and gaming, typically using the associated Toncoin token.
The foundation was established in Switzerland in 2023, after Telegram attempted to raise billions of dollars for its crypto project but clashed with U.S. regulators, leading to a settlement with the U.S. Securities and Exchange Commission in 2020.
Telegram CEO Pavel Durov was arrested last year in France and charged with distributing child pornography and other criminal activities—a rare example of a tech leader being held accountable for how their platform is used.
Durov has denied these charges and stated last month that Telegram's total revenue is expected to exceed $1 billion in 2024.
