TON Foundation taps new president as it eyes US growth for blockchain linked to Telegram app

The Open Network, or TON, Foundation has appointed Manuel Stotz as its new president.

Replacing Steve Yun, Stotz's mandate will involve fostering additional growth in the United States for the blockchain closely tied to Telegram, the foundation said in a blog post on Tuesday.

Stotz's "extraordinary track record in investment and passion for leveraging blockchain to empower communities make him the ideal leader for this next chapter," Yun said in the post. "His vision, commitment, and extensive global network align perfectly with the foundation’s renewed focus on strategic expansions into the U.S. market."

TON Foundation 's leadership change comes on the heels of a transformative year in which the TON network added millions of new users, in part, due to the success of Telegram-based video games like Notcoin and Hamster Kombat. Focusing on the U.S. market is probably partly founded on a desire to onboard and retain higher-income users. The Telegram-based games have so far mostly attracted consumers from underdeveloped countries aiming to earn free tokens.

The new president is the founder of the London-based Kingsway Capital. Kingsway Capital "has backed over 50 blockchain sector leaders, including Animoca Brands, Blockchain.com, CoinDCX, and TON coin," the statement said.

"TON is uniquely positioned to lead the blockchain revolution," Stotz said in the statement. "I look forward to working with our partners and stakeholders to accelerate this mission—especially in the dynamic and innovative U.S. market."