Telegram Takes a Significant Step in Crypto Space with TON Wallet Integration
Popular messaging app Telegram has taken a leap forward in the cryptocurrency space by unveiling a crypto wallet. This monumental step comes almost three years after Telegram first announced its ambitions to create a Web3 ecosystem.
TON Wallet: Available to a Massive User Base
The crypto wallet is developed on the TheOpen Network (TON) blockchain, now accessible to Telegram’s mammoth user base of 800 million globally. The wallet’s integration has led to a significant uptick in the TON token price, which jumped nearly 7% following the announcement.
TON Foundation Gives Projects Priority Access
TON Foundation has stated that projects developed on the TON blockchain will receive priority access to Telegram’s advertising platform, Telegram Ads. While the wallet feature is readily available in the settings, a global rollout, excluding the US and several other countries, is slated to begin in November.
A Rocky Road to Integration
Telegram initially aimed to integrate a TON-based crypto wallet as early as 2019. However, a lawsuit filed by the U.S. Securities and Exchange Commission over a $1.7 billion ICO fundraiser brought plans to a halt. The dispute, labeling the fundraising as unregistered securities, led to Telegram severing ties with the blockchain foundation in 2020. The platform eventually settled with an $18.5 million fine and agreed to refund unspent investor funds.
Revived Partnership Paves Way for Web3 Infrastructure
After settling past disputes, Telegram and TON Foundation are joining forces once again, harboring hopes to establish a Web3 infrastructure leveraging Telegram’s widely-used messaging platform.
Looking Ahead: A New Era for Telegram Users
As the global rollout draws near, Telegram users worldwide anticipate the integration of the Web3 ecosystem, eyeing new opportunities and a seamless crypto wallet experience that promises to bring the TON blockchain closer to its vast user base.
Through this integration, Telegram is not just expanding its features but potentially ushering in a new era where its messaging platform can facilitate a decentralized, user-empowered Web3 ecosystem, marking a significant milestone in the crypto space.
With the unveiling of the TON crypto wallet, Telegram is steering towards a future integrated with blockchain technology, paving the way for a seamless and secure Web3 infrastructure.