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Telegram-linked Toncoin flips Cardano to become 9th-largest cryptocurrency

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After pushing out Cardano’s ADA, TON became the ninth-largest cryptocurrency by market cap. Can it maintain momentum to surpass Dogecoin next?

Toncoin (TON) flipped Cardano’s ADA token to become the ninth-largest cryptocurrency by market capitalization on April 9. Can Toncoin continue its parabolic rise?

TON becomes the ninth-largest cryptocurrency

Following a 13% daily price increase, TON rose to $6.65 as of 1:45 pm UTC to reach a $23 billion market capitalization, overtaking the ADA’s $22 billion market cap, according to CoinMarketCap data.

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The rally comes a day after TON Society developers set aside $5 million in Toncoin to incentivize users to verify their identity using palm-scanning technology. The project aims to enable digital identity verification for Telegram users over the next five years and will distribute 1 million TON to users participating in the proof-of-personhood program.

The increased interest in TON helped it outperform ADA. TON’s price has surged over 135% during the past month, while ADA’s price has fallen 15%.

TON launched a $115 million community incentive program on March 20, with $38 million for token mining and user incentives, $22 million for airdrops, $15 million for The League developer ecosystem, and $40 million for liquidity pool boosts. The program aims to drive more user adoption.

In contrast with Toncoin, ADA saw little interest this year, as investor attention was focused on the United States Bitcoin exchange-traded funds (ETFs) and other major blockchain upgrades, such as Ethereum’s Dencun upgrade.

Can TON maintain its momentum?
Toncoin’s price action has been drastically outperforming Dogecoin. TON rose 130% during the past month, while DOGE only gained 14.8%. Year-to-date, TON is up 177%, while DOGE is up 108%, according to TradingView.

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While Dogecoin’s price action is purely based on speculation-driven demand, Toncoin’s utility within the Telegram messaging app can lead directly to its price appreciation with increasing user uptake.

On the downside, Toncoin’s token distribution could raise concerns among retail investors. According to CoinCarp data, over 60% of Toncoin is held by the 10 largest holders, while 93% of the supply is held by the 100 richest holders.

Source: cointelegraph.com

The post Telegram-linked Toncoin flips Cardano to become 9th-largest cryptocurrency appeared first on HIPTHER Alerts.

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Blockchain

CryptoBlox Signs Amended & Restated Share Purchase Agreement to Acquire Blockchain Fintech

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Blockchain

Belgium RegTech Business Report 2024: Market to Grow by 24.8% to Surpass $300 Million this Year – Investment Opportunities to 2029

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Belgian RegTech Market

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Blockchain

Kyrrex Expands into the U.S. Market, Offering Crypto Solutions with Low Fees

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Kyrrex, a crypto ecosystem, is thrilled to announce its official launch in the United States. With operations now live in ten states, Kyrrex is poised to offer American users a platform for cryptocurrency trading, payments, and wallet management.

Kyrrex’s U.S. platform enables users to buy and trade cryptocurrencies with competitive commissions of just 0.2%, making crypto transactions efficient and cost-effective. Available in California, Colorado, Hawaii, Utah, Indiana, Wisconsin, Missouri, Montana, Massachusetts, and Wyoming, Kyrrex is rapidly expanding to other regions across the U.S.

“We’re incredibly excited to bring Kyrrex to the U.S. market,” said Mike Romanenko, CVO & Co-Founder at Kyrrex. “Our platform is designed to offer American users a safe and reliable way to manage all their crypto needs, and we look forward to growing our presence across the country.”

Why the U.S. Market Matters for European Crypto Companies

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The U.S. represents one of the largest and most dynamic crypto markets in the world. As of 2024, the U.S. accounts for over 25% of global cryptocurrency activity, driven by increasing institutional investment and mainstream adoption. The approval of Bitcoin exchange-traded Funds (ETFs) has boosted institutional interest significantly, signaling a shift toward greater acceptance of cryptocurrencies as full-fledged assets. By 2025, the U.S. crypto market is expected to see substantial growth, with estimates projecting a compound annual growth rate (CAGR) of over 12% in the sector, supported by both retail and institutional demand. For companies like Kyrrex, entering the U.S. market is a strategic move to expand user reach and tap into this rapidly evolving landscape, which offers vast potential for innovation and growth.

Kyrrex’s expansion into the U.S. is a testament to the company’s commitment to building a global crypto ecosystem that connects crypto-related services in one platform. By providing American users with access to a platform that offers crypto trading, wallet services, and low-fee purchases via debit and credit cards, Kyrrex is positioned to be a responsible player in the U.S. market. After six years of building a comprehensive crypto ecosystem, the company continues to lead with regulatory compliance. Today, Kyrrex’s achievements include:

  • Saint Vincent and the Grenadines: Kyrrex Limited is registered and recognized by the SVG Financial Services Authority, providing a foundation of trust and security;
  • Malta: REX, part of the Kyrrex ecosystem, obtained a prestigious VFA Class 4 license in 2021, allowing the platform to offer Virtual Financial Assets (VFA) services while maintaining the highest European regulatory standards;
  • United States: Kyrrex is registered with FinCEN as a Money Services Business (MSB) and is available in 10 U.S. states, including California, Massachusetts, and Utah.

Kyrrex ecosystem is also preparing for future regulatory changes by applying for a Class 3 MiCA (Markets in Crypto-Assets) license and an EMI (Electronic Money Institution) license in Malta and the U.K. Also, the company applied for an Investments Services license, which will enable brokerage services from and within Malta. This strategic approach ensures that Kyrrex will continue to offer secure and compliant services across multiple jurisdictions.

“Kyrrex’s entry into the U.S. comes at a critical time as regulations around cryptocurrency continue to evolve. The company’s commitment to regulatory compliance demonstrated through adherence to U.S. state law, positions Kyrrex as a responsible and reliable platform for American users. As part of Kyrrex’s mission, we will continue working closely with U.S. regulators to ensure that our platform remains compliant with the highest regulatory standards.”, stated Mr. Romanenko from Kyrrex.

With plans to expand into more states and enhance its service offerings, Kyrrex is dedicated to reshaping the operations of digital assets by providing users with secure, efficient, and regulated crypto solutions.

The post Kyrrex Expands into the U.S. Market, Offering Crypto Solutions with Low Fees appeared first on HIPTHER Alerts.

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