The Open Network (TON) has announced a collaboration with the UAE to offer a 10-year Golden Visa for those who stake $100,000 in TON for three years.
Staking Requirements for UAE Residency
According to the agreement, individuals must lock in $100,000 worth of TON for three years via a smart contract. A one-time fee of $35,000 is required, significantly lowering financial barriers compared to traditional residency methods.
Market Reaction to the Program Launch
Since the announcement, interest from high net-worth individuals has surged. The market value of TON has increased by 10%, indicating heightened investor interest.
Innovative Residency Through Crypto Staking
Unlike previous residency initiatives that relied on real estate investments, TON provides direct residency through staking, marking a first for notable cryptocurrency protocols. According to Bobby Ong from CoinGecko, this program offers a competitive advantage due to its lower entry cost.
The partnership between TON and the UAE paves the way for new avenues of residency through cryptocurrency staking, potentially reshaping investment and residency approaches in future initiatives.
