In a recent move, messaging giant Telegram announced its endorsement of TON as its preferred blockchain network for constructing a Web3 ecosystem, subsequently propelling Toncoin’s price by a notable 7%.
The revelation came almost three years after Telegram initially hinted at its aspirations for a Web3 landscape. This much-anticipated crypto wallet was showcased at the ongoing Token2049 event held in Singapore.
Powered by The Open Network (TON) blockchain, this novel wallet is now accessible to Telegram’s vast user base of 800 million worldwide. News of TON’s integration with Telegram acted as a catalyst, escalating the value of Toncoin by approximately 7% following the announcement.
In a statement, the TON Foundation disclosed that projects cultivated on the TON blockchain would receive preferential access to Telegram’s ad platform, known as Telegram Ads. Presently, this wallet feature is discoverable in the settings for existing users. A more expansive launch is scheduled for November this year, although it will not be available in the U.S. and a few other nations.
Telegram’s journey to this integration has not been without its challenges. Back in 2019, there were already plans to incorporate a TON-fueled crypto wallet. But this vision was derailed in 2020 when the U.S. Securities and Exchange Commission (SEC) initiated legal action against Telegram, condemning its $1.7-billion initial coin offering (ICO) as an unsanctioned security. The aftermath saw Telegram settling the matter with an $18.5-million penalty and a commitment to reimburse investors for any unused capital.
This recent collaboration marks a rejuvenated alliance between Telegram and the TON Foundation. The latter aspires to leverage Telegram’s immense popularity to construct a robust Web3 foundation. The visionaries behind this endeavor are optimistic about eliminating onboarding hurdles and envisage this as a pivotal step towards demystifying crypto for the entirety of Telegram’s community.