TL;DR Breakdown
- Telegram has integrated TON Space, a self-custodial crypto wallet, into its platform, making it accessible to its 800 million monthly active users.
- The integration marks a significant milestone for both Telegram and The Open Network (TON), especially considering Telegram’s previous legal challenges related to TON.
Description
Telegram, the popular messaging app, has integrated TON Space, a self-custodial crypto wallet, into its platform, making it accessible to its 800 million monthly active users. The announcement is a significant stride for both Telegram and The Open Network (TON), as it brings TON one step closer to its original vision: enabling users to have … Read more
Telegram, the popular messaging app, has integrated TON Space, a self-custodial crypto wallet, into its platform, making it accessible to its 800 million monthly active users. The announcement is a significant stride for both Telegram and The Open Network (TON), as it brings TON one step closer to its original vision: enabling users to have their own identities and assets.
The integration allows Telegram users to access the wallet through the app’s settings, according to an announcement by the TON Foundation.
The TON Space wallet had already garnered 3 million registered users as a standalone bot within Telegram. With this integration, the wallet is expected to be rolled out to all Telegram users outside the U.S. by November. The development follows Telegram’s previous partnership with TON Foundation, which aims to enable digital ownership rights for Telegram’s extensive user base.
A comeback story for TON
The integration is particularly noteworthy given Telegram’s history with TON. In 2020, Telegram had to abandon the TON project after facing a lawsuit from the U.S. Securities and Exchange Commission (SEC). The SEC had accused Telegram of raising $1.7 billion through an unregistered initial coin offering using a token called Grams. To settle the matter, Telegram refunded unused investor funds and paid an $18.5 million fine. Since then, TON has operated as an open-source community project.
The integration of TON Space into Telegram serves as a new infrastructure layer for the TON ecosystem. As part of the launch, Telegram will also provide priority access for TON projects and partners to its global advertising platform, Telegram Ads.
John Hyman, Telegram’s chief investment officer, stated that the partnership aims to put digital ownership rights in the hands of Telegram’s entire user base. This move could potentially be the largest Web3/Web2 partnership to date, according to Hyman.
It is expected that this development could positively influence the adoption of Web3 technologies. By integrating a self-custodial crypto wallet, Telegram is not only diversifying its service offerings but also promoting the broader adoption of blockchain technology. The move is also likely to attract a wider range of users to the TON ecosystem and could serve as a blueprint for other messaging platforms contemplating similar integrations.
Following the announcement, TON’s price surged by nearly 7%. At the time of writing, TON is trading at $1.93, according to CoinMarketCap. Toncoin is also the 11th largest digital asset, with a market cap of about $6 billion.
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