Nasdaq – Verb Technology Company, Inc., a technology company listed on the Nasdaq stock exchange, has just announced the completion of a massive investment of $713 million in Toncoin (TON), the primary cryptocurrency of The Open Network blockchain, closely related to the messaging app Telegram.
This is seen as the first strategic move in the company’s plan to build a cryptocurrency treasury, marking a decision to transition its business model by rebranding as “Ton Strategy Company”.
Verb Technology becomes the first public company to make a large-scale investment in Toncoin, with its current holdings representing approximately 8.5% of the total circulating supply of TON in the market. This move coincides with Coinbase Ventures also announcing the purchase of Toncoin directly from the TON Foundation.
Notably, Manuel Stotz, the Executive Chairman of Verb Technology, currently serves as the Chairman of the TON Foundation but is set to resign to focus entirely on the company. Last week, Verb Technology announced its success in raising $558 million from reputable investment funds such as Kingsway Capital, Blockchain.com, Vy Capital, Ribbit Capital, Graticule, Pantera, ParaFi, Animoca Brands, Arrington Capital, Kraken, BitGo, FalconX, The Open Platform (TOP), Hivemind Capital, and CMCC Global.
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Toncoin is the main currency of The Open Network, a blockchain closely integrated with Telegram. TON has gained significant traction in 2024 thanks to the Mini Apps trend, currently being used for e-wallets, payments, gaming, and various other solutions.
The total value locked (TVL) of The Open Network is currently at $148 million, remaining stable since April but showing a noticeable decline compared to its peak in mid-2024.
Despite the announcement of this large investment, the price of TON has not seen much positive movement and is instead trending downwards in line with the overall correction in the cryptocurrency market.
