Telegram Embraces TON Wallet Integration
Telegram Messenger has announced the integration of a self-custodial crypto wallet named TON Space for its extensive user base, which exceeds 800 million monthly active users.
This wallet will be easily accessible through Telegram’s settings, as The Open Network Foundation announced on a recent Wednesday.
Effective immediately, all Telegram Wallet users can now make use of TON Space, with Telegram Wallet being a bot facilitating cryptocurrency transactions such as buying and selling Bitcoin.
Additionally, starting from November onwards, the self-custodial wallet will be open to all global Telegram users, with the exception of users from the United States and select other countries.
This collaboration between Telegram and the TON Foundation represents a significant milestone in realizing TON’s initial vision. It’s worth noting that Telegram initially suspended its involvement with TON in 2020 after dedicating over two years to its development due to a legal dispute with the U.S. Securities and Exchange Commission (SEC).
The SEC filed a lawsuit in 2019, alleging that Telegram had raised $1.7 billion through an unregistered security token offering called Grams. Telegram agreed to refund unused investor funds and pay an $18.5 million fine to settle the matter. Since 2020, TON has been maintained as an open-source community project.
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The TON Space wallet now functions as a vital infrastructure component within the TON ecosystem. In conjunction with its launch, Telegram will provide priority access to TON projects and partners for its global advertising platform, Telegram Ads, as stated by the TON Foundation.
Telegram’s Chief Investment Officer John Hyman emphasized the platform’s commitment to enabling freedom of speech in the digital age. He noted that digital ownership of identities and assets is paramount in this era. With TON Space, users gain the technology to conveniently exercise these rights.
Hyman expressed that through this partnership, they are empowering their entire user base with digital ownership rights and equipping TON projects with tools to reach a vast audience in the most significant Web3/Web2 partnership to date.
At the time of writing, Toncoin experienced
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
