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TONCASH Secures Strategic Investment from TON Ventures to Scale Crypto Cashback Platform

The investment will enable TONCASH to accelerate the onboarding of millions of users to its innovative crypto cashback platform and build the Web3 standard for best-price shopping. HONG KONG , Jan. 7, 2025 /PRNewswire/ — TONCASH , the Telegram-native crypto cashback and rewards platform, has received a strategic investment from TON Ventures, the flagship venture fund of The Open Network (TON). The strategic investment will accelerate TONCASH’s mission to onboard millions of users and become the Web3 standard for best-price shopping and on-chain rewards. Ben Usinger , CEO and Co-Founder of TONCASH, commented : “This investment deepens our collaboration with Telegram and The Open Network, empowering us to deliver the best online shopping and rewards experience for the Web3 audience. With TON Ventures’ strategic support, we’re driving the adoption of on-chain payments, engaging millions of users through innovative cashback mechanics and redefining how brands connect with customers in the Web3 space.” Since launching its Telegram Mini App in November 2024 , TONCASH has gained over 200,000 users and a large following on social media, underscoring its product-market fit and rapid growth potential. TONCASH users enjoy deals from over 200 top brands, including Apple, Adidas, Binance, or Trip.com, offering up to 80% cashback — redeemable in Bitcoin, USDT, or TON tokens. Beyond cashback, the mini app provides perks such as airdrops and engagement rewards, all while operating seamlessly on any phone with Telegram installed. With TON Ventures’ backing, TONCASH now pursues an aggressive expansion across Asia-Pacific , Europe , the Middle East , and Latin America , reaching Telegram’s 950-million-user base and connecting global brands to Web3 users through crypto cashback and rewards. To join the app and benefit from its perks: Visit: TONCASH website Join us on Telegram CoinTurk News

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FTX EU Sold to Backpack Exchange, Plans Regulated Crypto Derivatives Push Across Europe

FTX EU, the European arm of Sam Bankman Fried’s now-bankrupt cryptocurrency trading empire, has been sold to Backpack Exchange , a crypto trading company founded by former Alameda Research and FTX employees. FTX EU, which held a MiFID II-license under the Cyprus Securities and Exchange Commission (CySEC), cost Backpack $32.7 million, the exchange said. Backpack’s new European arm will offer a full suite of crypto derivatives throughout the EU, starting out by capitalizing on its position as the only regulated perpetual futures provider across Europe, according to Armani Ferrante, CEO of Backpack Exchange. A number of crypto trading firms have applied for a MiFID license, which allows firms to also offer crypto-asset services under Europe’s new Markets in Crypto Assets (MiCA) regime, once a notification has been provided to the relevant competent national authority. Currently, Bitstamp and Coinbase have received their MiFID II licenses, while D2X , based in the Netherlands, has also received a license and plans to deliver USD-denominated futures and options early this year. Other new entrants also aim to shift the crypto derivatives market dominance away from the likes of Panama-based centralized exchange Deribit. Backpack’s Ferrante said the firm’s MiCA notification has been submitted and he expects to go live in the first quarter of 2025. “Even though a few firms have been able to acquire approval for a limited form of a derivatives license, we’re not aware of any players that currently offer perpetuals and are live in the EU, including Coinbase and Bitstamp,” Ferrante said via email. “Once we return FTX EU customers` funds, we’re excited to begin serving a regulated perpetual futures product as a priority.” A full suite of products is being worked on, Ferrante added, although some of these may not roll out in Q1. Backpack, whose founders have contributed to the Solana ecosystem and established a successful wallet and NFT business, raised $17 million in funding last year. CoinTurk News