Toncoin, the token of The Open Network, has surged over 10% following an announcement of a partnership with the UAE, which has integrated staking into its Golden Visa program. This new initiative opens up new avenues for immigration and investment.
A New Direction for Residency-by-Investment Programs
The UAE's partnership with Toncoin marks the first instance of a government officially integrating a cryptocurrency staking mechanism into its immigration framework. Eligible applicants can stake $100,000 worth of TON for a period of three years to secure a 10-year residency visa.
Market Reaction to Toncoin
Following the announcement, Toncoin reached its highest price in several months, rising over 10% within 24 hours. Analysts point to a combination of speculative and fundamental factors driving this increase. "Toncoin's usage in a sovereign-level program like this is unprecedented," said Sarah Liu, Head of Research at Blockchain Insight Group.
UAE's Crypto Strategy
The UAE's decision to partner with Toncoin is strategic on multiple fronts, including transaction speed and low fees. Additionally, the UAE has introduced several crypto-friendly regulations and supports blockchain startups. This initiative reinforces the country's image as a hub for Web3-leading companies.
Toncoin's rise is more than just a market reaction; it signals that cryptocurrencies are entering a new era of real-world utility and institutional collaboration. The model established by the UAE may serve as a blueprint for other countries.
