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Toncoin (TON), the native token of The Open Network associated with Telegram, had a big price jump on Saturday after a major partnership with the UAE was announced. The 10-year "golden visas" are up for grabs if you invest $100,000 worth of TON in three years. Of course, the crypto market was quick to pick up on this, and TON's price went through the roof.
The golden visa deal lets applicants keep full custody of their crypto while earning a 3-4% annual yield (APY) during the lockup period. TON stays in the user's wallet and is staked via a smart contract on the blockchain.
This means the funds are never handed over to a third party. The visa also covers spouses, children and even parents, and there's no extra fee besides the standard $35,000 UAE application cost.
The markets reacted right away. Soon after the official announcement, Toncoin's price shot up from under $2.75 to almost $3.08, which is a 12% spike on the chart. According to chart, it was the biggest hourly candle the token has seen in weeks. It reversed a multi-day downtrend and pushed TON back toward key resistance zones.
The program also offers a relatively fast processing time of under seven weeks, making it one of the most efficient crypto-immigration offers available. The whole process is managed through a decentralized smart contract on TON's native chain.
As more countries look into crypto-based immigration solutions, TON's early mover advantage with the UAE could be key, especially with Telegram's size and the growing interest in self-sovereign digital identity linked to real-world benefits.
Vladislav Sopov
U.Today Editorial Team