The Open Network Foundation Appoints New President

The Open Network (TON) Foundation has announced the appointment of Manuel Stotz as its new president, succeeding Steve Yun. Stotz’s responsibilities will focus on enhancing growth within the United States for the blockchain technology associated with Telegram.

In a blog post released on Tuesday, the foundation highlighted Stotz’s “extraordinary track record in investment” and his enthusiasm for using blockchain to empower communities. Yun expressed that Stotz’s vision, commitment, and extensive global network are well-aligned with the foundation’s renewed focus on strategic expansion into the U.S. market.

This leadership change follows a transformative year for the TON network, which has seen significant user growth, supported by popular Telegram-based video games like Notcoin and Hamster Kombat. The decision to target the U.S. market may reflect an interest in attracting higher-income users, as the current user base predominantly consists of individuals from developing nations seeking free tokens.

Stotz is also the founder of Kingsway Capital, a London-based firm that has invested in over 50 leading blockchain companies, including Animoca Brands, Blockchain.com, CoinDCX, and TON coin.

Stotz stated, “TON is uniquely positioned to lead the blockchain revolution. I look forward to collaborating with our partners and stakeholders to accelerate this mission—especially in the dynamic and innovative U.S. market.”