Telegram's NFT market place
Credits: The Indian Express

Whatsapp rival Telegram Integrates TON Crypto Wallet: Toncoin Price Shines 7%

In an exciting development for the crypto world, the popular messaging app Telegram has finally introduced a long-awaited feature – a crypto wallet integrated with the TON blockchain. This significant milestone was unveiled during the Token2049 event in Singapore, marking a pivotal moment for Telegram and the cryptocurrency community at large.


The TON Crypto Wallet Arrives

Telegram, boasting a massive user base of 800 million worldwide, has made its mark as a secure and versatile messaging platform. However, it was back in 2019 that Telegram initially announced its plans to create a crypto wallet integrated with the TON blockchain, a project that has been years in the making. Finally, during the Token2049 event, Telegram showcased the fruits of their labor – a TON-based crypto wallet.

This wallet is built on The Open Network (TON) blockchain, offering Telegram users a secure and user-friendly solution to manage their cryptocurrency holdings. The integration of this wallet had an immediate impact on the cryptocurrency markets, causing the price of Toncoin to surge by a remarkable 7%. This surge reflects the enthusiasm and anticipation surrounding this exciting development.

TON Foundation’s Priority Access

The TON Foundation, which oversees the TON blockchain, has announced a strategic partnership with Telegram to further advance their Web3 ecosystem. As part of this collaboration, projects developed on the TON blockchain will enjoy priority access to Telegram’s advertising platform, known as Telegram Ads. This mutually beneficial partnership aims to foster innovation and growth within the blockchain space.

Global Rollout and Regulatory Considerations

For current users of Telegram, the crypto wallet feature is now accessible in their settings. However, it’s important to note that a global rollout is planned for November this year, with the exception of the United States and a few other countries. This exclusion is a result of Telegram’s previous run-in with regulatory authorities in the United States, specifically the U.S. Securities and Exchange Commission (SEC).

In 2020, the SEC filed a lawsuit against Telegram for its $1.7-billion initial coin offering (ICO), deeming it an unregistered security. To resolve this legal dispute, Telegram agreed to pay an $18.5-million fine and committed to reimbursing investors for any unspent funds. This settlement temporarily severed Telegram’s ties with the TON blockchain but has now paved the way for their renewed partnership.

The Vision of a Web3 Future

With their renewed collaboration, the TON Foundation and Telegram are determined to reshape the landscape of the Web3 ecosystem. Their goal is to address onboarding issues and create a seamless gateway to cryptocurrency adoption for all Telegram users. By integrating the TON-based crypto wallet, Telegram aims to empower its vast user base to easily access and manage its cryptocurrency holdings, thus contributing to the broader adoption of digital assets.

Ambitious Goals and a Bright Future

The partnership announcement at the TOKEN2049 conference has generated considerable excitement within the crypto community. Telegram’s commitment to providing TON projects and affiliated partners with privileged access to its advertising platform highlights the depth of their collaboration. TON’s ambitious target of connecting with 30% of Telegram’s user base by 2028 demonstrates their dedication to the partnership’s long-term success.

In conclusion, the integration of the TON crypto wallet into Telegram is a significant step forward for both the messaging platform and the crypto industry. As we move closer to the global rollout in November, the future appears bright for Telegram, the TON Foundation, and the countless users eager to explore the world of cryptocurrency through this user-friendly and secure solution. Stay tuned for further updates as this partnership continues to evolve and shape the future of messaging platforms and cryptocurrencies.