Telegram, one of the leading messaging platforms globally, has taken a significant leap into crypto. After an extended anticipation, the company has finally launched its cryptocurrency wallet. This development was announced at the recently held Token2049 event in Singapore.
An Overview of the TON Wallet for Telegram
Developed on the robust TON (TheOpen Network) blockchain, the new crypto wallet is now at the fingertips of Telegram’s vast 800 million user base. This integration didn’t just offer users a new feature; it played a pivotal role in propelling the TON coin’s price dramatically post-announcement.
The TON Foundation assures that projects anchored on the TON blockchain will enjoy premium access to Telegram’s newly launched advertising feature: Telegram Ads. Existing Telegram users can easily find this wallet feature in their settings. A broader, more global release is slated for November of this year. However, a notable exception to this rollout includes the United States, among a few other nations.
Telegram’s Historical Endeavors into Crypto
Follow CryptoMode on Twitter, Youtube and TikTok for news updates! The journey hasn’t been smooth. Telegram’s vision to integrate a TON-based crypto wallet dates back to 2019. Regrettably, in 2020, the dream was temporarily halted. The reason? The U.S. Securities and Exchange Commission (SEC) filed a substantial lawsuit.
The legal action was in response to Telegram’s ambitious $1.7 billion ICO, which the SEC classified as unregistered securities. The fallout led to a hefty $18.5 million settlement and an obligation for Telegram to refund investors for any unspent capital.
Despite past challenges, the bond between TON Foundation and Telegram has been rekindled. The foundation is optimistic about building a seamless Web3 infrastructure atop the Telegram platform. The primary aspiration? To resolve onboarding complexities and seamlessly introduce the vast Telegram community to cryptocurrency.
The collaboration between Telegram and TON marks an exciting chapter in the ever-evolving digital landscape. As the lines between messaging platforms and financial tools blur, users can look forward to a more integrated, fluid, and empowered digital experience.
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