Pavel Durov, the CEO of Telegram, recently announced that the social media platform has achieved a new milestone. Despite the legal challenges of the past month, the platform now has 10 million paid subscribers. But, is Toncoin’s fate tied to it?
This means that 10 million people are actively funding the Telegram Premium service. As a platform with deep ties with Toncoin and crypto, the potential impact on the ecosystem remains debatable.
Telegram Premium Welcomes New Features
In addition to this news, Durov noted that the platform has introduced new features while fading out the old ones.
Based on this transition, the People Nearby feature has been withdrawn from Telegram Premium. Previously, this feature was used by barely 0.1% of Telegram users, but it was susceptible to bots and scammers. In place of the People Nearby feature, the Telegram team plans to introduce Businesses Nearby”. This would help to showcase legitimate, verified businesses.
Businesses listed under this feature can also explore it as a marketing avenue, displaying their product catalogs. This functionality is already available in a “Business” version of WhatsApp, another blooming social media platform. These businesses could also seamlessly accept payments through Telegram.
It is worth noting that Telegram is putting effort into ensuring its platform is safe for users and compliant with the necessary regulations. This became important after Durov’s arrest in France in August
Telegram CEO Caught in the Web of Compliance Challenges
The matter of Pavel Durov’s arrest is linked to compliance issues. The 39-year-old CEO is faced with 12 count charges, including claims of permitting the spread of child sexual abuse materials on Telegram.
While he has been released on a $5.56 million bail, he is still under intense judicial scrutiny. Noteworthy, he is restricted to remaining in France, which will be the arrangement until all allegations against him are cleared. In response to this situation, Durov has criticized French authorities, accusing them of pursuing “misguided” criminal charges against him.
In his first public comments since his arrest, he claimed the authorities would have approached his company with their concerns.
Toncoin Market Outlook
The milestones and features may expand the use cases of Telegram-linked projects, including Toncoin, Catizen, Notcoin, and Hamster Kombat.
The growing user base on Telegram spells good omens for Toncoin in particular. The coin powers The Open Network, which supports the gaming apps in its ecosystem. With more users, demand for TON could soar and trigger new bullish momentum for the price.
When Durov’s arrest and detention in France were making the rounds, the TON price was at risk of falling significantly. While the event eventually took a toll on it, it has found support for around $4.5
As of last month, it ranked as one of the fastest-growing and top-performing tokens. However, at the moment, the coin is grappling with keeping its spot among the top ten coins in the market. Within 24 hours, Toncoin’s price registered a 5.98% drop and traded for $4.68. When Durov made bail, the coin saw a rebound, climbing by about 6% to trade at $5.59 that period.
With its latest twist, Toncoin’s addresses in loss have hit 42.59 million or 79.8% per data from IntoTheBlock. However, this could change in the near future with sustained embrace of its associated tap-2-earn projects.
