TON Raises $400M via Telegram

CRYPTO
TON Raises $400M via Telegram

The Open Network (TON), a blockchain enabling payments through Telegram, has raised $400 million from major crypto-focused VC firms like Sequoia Capital, Ribbit Capital, and Draper Associates, the TON Foundation announced. TON allows Telegram’s billion-plus users to pay for games, ads, and decentralized apps using its native token, Toncoin. After the funding news, Toncoin rose 6%.

VCs received tokens instead of equity, betting on TON’s long-term utility within Telegram. Tim Draper called TON’s tech “impressive” and praised its unmatched reach through Telegram.

This comes amid legal troubles for Telegram CEO Pavel Durov, who recently returned to Dubai after a France travel ban tied to an investigation into Telegram’s use by criminals. Toncoin surged 24% after his return. Though Durov faces charges in France and must return by April 7, he denies wrongdoing, insisting Telegram exceeds legal standards. The platform maintains it’s unfair to blame Durov for illegal activity by users.

TECH
Elon Musk Sues Indian Government

Elon Musk is suing India’s government over what he claims are arbitrary censorship demands on X (formerly Twitter). The lawsuit, filed in Karnataka’s high court, challenges takedown orders issued by Delhi and urges the government to follow proper legal procedures. This legal move comes as Musk negotiates regulatory approval for both Starlink and Tesla in India. Starlink is awaiting clearance to provide satellite internet, which India’s telecom minister recently endorsed. Meanwhile, Tesla is preparing to ship its first cars to India, signaling a long-anticipated market entry.

Musk’s lawsuit highlights growing tension between tech firms and India’s nationalist government, which has tightened rules on platforms like Meta and Google. U.S.-India trade friction is also rising, with former President Trump planning new tariffs starting April 2. While still a small market for U.S. firms, India’s 700 million smartphone users make it a strategic growth target. Indian officials declined to comment, citing ongoing legal proceedings.

ECONOMY
UBS Sees China Housing Stabilizing

UBS analysts say China’s real estate market may be nearing a turning point after years of decline. John Lam, head of property research at UBS, noted that while recovery signs are still local, they are more positive than before. Secondary home sales in major cities are up over 30% from a year ago. UBS now expects home prices to stabilize by early 2026, earlier than previously forecast. Supporting this outlook are falling inventory levels, rising land premiums, and improving sales—though rental prices haven’t yet followed. Policymakers recently called for a stop to the sector’s decline, which once accounted for over a quarter of China’s GDP. Developers like Evergrande have defaulted, and new home sales have halved since 2021. While investment remains weak, foreign capital is cautiously returning, and joint ventures like Invesco’s affordable housing project suggest longer-term interest. Analysts agree that policy execution and restoring buyer confidence are now critical for recovery.

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