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NEW YORK - AlphaTON Capital Corp (NASDAQ:ATON) announced a joint venture with PagoPay to develop a crypto-enabled Mastercard payment card program that will allow users to spend TON, USD1 and other cryptocurrencies directly from digital wallets. The micro-cap company, currently trading at $5.14 with a market capitalization of just $32.63 million, appears slightly undervalued according to InvestingPro analysis.
The TON Card Program will provide cryptocurrency-to-fiat conversion through ALT5 Sigma Corp (NASDAQ:ALTS) and World Liberty Financial partnerships, enabling spending at merchants that accept Mastercard globally, according to a company press release.
The program will offer both physical and virtual cards approved for use in the United States and internationally.
Under the joint venture, AlphaTON Capital will own and operate the program, leveraging its position as a major TON holder. PagoPay will provide technical infrastructure, card issuance capabilities, Mastercard compliance, and back-office systems.
"This partnership represents a significant milestone in our mission to build institutional-grade access to the TON ecosystem," said Brittany Kaiser, Chief Executive Officer of AlphaTON Capital.
The agreement includes an option for AlphaTON Capital to acquire 100% operational control and revenue share of the program. It also contemplates equity participation by PagoPay in AlphaTON Capital.
A steering committee with equal representation from both parties will oversee major decisions, while day-to-day operations will be managed by AlphaTON Capital.
The companies expect to execute definitive agreements within 30 days, followed by Mastercard application submission. Initial card production and program launch are targeted for approximately 90 days following Mastercard approval.
AlphaTON Capital, which trades on Nasdaq under the ticker symbol "ATON," focuses on developing the Telegram ecosystem and managing a strategic reserve of TON tokens.
In other recent news, AlphaTON Capital Corp announced promising results for its experimental cancer drug TT-4 in mesothelioma models. This development was shared at the AACR-NCI-EORTC International Conference, highlighting the drug’s significant anti-tumor activity. In addition, AlphaTON is exploring the tokenization of its TT-4 drug’s economics, potentially integrating digital asset infrastructure with cancer therapeutics. Furthermore, AlphaTON has formed a strategic partnership with Morpheus AI to enhance AI infrastructure for the TON and Telegram ecosystem. This partnership positions Morpheus as the preferred AI infrastructure provider for AlphaTON’s portfolio companies. AlphaTON is also making a substantial investment in high-performance GPUs and data center infrastructure to support Telegram’s Cocoon network. Cocoon, a decentralized AI network, will see Telegram as its first major customer. These developments mark AlphaTON’s continued efforts in expanding its technological and medical research frontiers.
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