The Open Network (TON) Foundation, closely associated with Telegram, is setting its sights on an ambitious expansion in the United States. This strategic move comes amid expectations of a more favorable regulatory environment under the incoming administration led by Donald Trump.
TON Foundation Appoints Manny Stotz As New President
The foundation announced the appointment of Manuel “Manny” Stotz as its new president, a significant leadership transition intended to enhance its growth strategy in the world’s largest economy.
Manny Stotz, an investor and founder of Kingsway Capital Partners Ltd., takes over from Steve Yun, who has been instrumental in shaping the foundation’s vision and success. Yun will remain on the board, ensuring a smooth transition and continuity in leadership.
In a statement regarding this pivotal change, Stotz expressed gratitude for Yun’s contributions, highlighting the strong foundation laid during his presidency.
“Steve Yun’s leadership has been instrumental in guiding the TON Foundation to unprecedented growth,” said Stotz. “The entire TON Community is deeply grateful for his contributions and looks forward to continuing to benefit from his wisdom and experience as we embark on this new phase.”
Aiming For Strategic Growth In The US
Stotz’s extensive experience in the financial sector, particularly in frontier and emerging markets, positions him well to lead the foundation’s US expansion efforts.
Having served on the board since its inception in Switzerland, he brings a wealth of knowledge about blockchain technology and its potential to drive financial inclusion, the TON Foundation announced.
Through his firm, Kingsway Capital, Stotz has championed initiatives aimed at providing access to financial services for unbanked populations in regions home to over three billion people.
His investment firm has already backed more than 50 leaders in the blockchain sector, including notable names such as Animoca Brands and Blockchain.com.
“Manny’s extraordinary track record in investment and passion for leveraging blockchain to empower communities make him the ideal leader for this next chapter,” stated Steve Yun. “His vision, commitment, and extensive global network align perfectly with the foundation’s renewed focus on strategic expansions into the U.S. market.”
In his new role, Stotz aims to accelerate the adoption of TON in the US, positioning it as a leader in the growing blockchain ecosystem. “I am honored to step into this role and build on the incredible foundation established by Steve and the entire team,” he remarked.
“TON is uniquely positioned to lead the blockchain revolution. I look forward to working with our partners and stakeholders to accelerate this mission—especially in the dynamic and innovative US market.”
As of this writing, Toncoin, the blockchain’s native token, is priced at $5.34, experiencing declines of more than 16% over the past month due to the overall market struggles to restore bullish sentiment.
Featured image from DALL-E, chart from TradingView.com
