Toncoin, the cryptocurrency associated with Telegram, saw significant price growth following the announcement of a partnership with the UAE.
Partnership Announcement with UAE
Over the weekend, Toncoin (TON) experienced a substantial price jump after the official announcement of a partnership with the UAE. Investors can obtain 10-year golden visas by investing $100,000 worth of TON over three years.
Golden Visa Requirements
This offering allows applicants to retain full custody of their cryptocurrency while earning 3-4% annual yield during the lock-up period. TON remains in the user's wallet and is staked via a smart contract on the blockchain.
Market Reaction to the News
Following the announcement, the token's price rose from under $2.75 to nearly $3.08, reflecting a 12% increase. This marked the biggest hourly increase the token has seen in weeks. The program also offers a relatively fast processing time of under seven weeks.
The partnership of Toncoin with the UAE could significantly impact the cryptocurrency market, especially with the growing interest in self-sovereign digital identities.
