The team behind Toncoin has partnered with the UAE to offer a 10-year golden visa for participants who want to stake $100,000 worth of TON for at least three years.
Somewhat expected, the underlying asset experienced a sudden price pump when the news came out, hitting a multi-week peak.
The details from the announcement read that the $100,000 worth of TON, which will be staked for three years, will remain “fully yours” and will be available to the user after the period ends. Moreover, the team offers an estimated APY of 3-4% during this timeframe.
The entire process is done “through a decentralized smart contract, fully verifiable on [the] TON blockchain.”
Users need to submit their application and stake the assets, which will lead to a confirmation and review process. Toncoin’s visa issuing partner in the UAE will review the details and “guide you through the final steps.”
The entire procedure should take up to seven weeks, the statement said. Future UAE residents do not need to purchase real estate ot meet income thresholds. Moreover, the visa will include their spouse, children, and parents for no extra cost (only the standard government fee applies).
According to the announcement, staking TON will be significantly less expensive and time-consuming than receiving a traditional golden visa, which could take up to six months and cost over $500,000.
TON’s price reacted immediately after the news started trending, and surged by double digits at one point. Consequently, the asset tapped a 19-day peak of well over $3 before it corrected slightly to $2.93 as of press time.
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