Telegram, one of the world’s most popular instant messaging applications with more than 700 million monthly users, has officially entered the cryptocurrency community. Making a statement at the “Token2049” event held in Singapore, Telegram announced that it reached an agreement with the Tone Foundation and a cryptocurrency wallet was developed as a result of a joint work. The cryptocurrency wallet on Telegram will be available globally in a few months.
The crypto wallet built on the TON blockchain appeared to be a logical move when we consider that cryptocurrency investors actively use this platform. In fact, Telegram had announced such a project years ago, but disagreements with the US Securities and Exchange Commission (SEC) led Telegram to postpone its plans. Now all this seems to be behind us.
Crypto wallet on Telegram will not be available in some countries such as the USA
One of the striking points about Telegram’s cryptocurrency wallet feature is that this wallet cannot be used in some countries such as the USA. The reason for this is that the USA has been “obsessed” with the cryptocurrency markets lately. Considering the lawsuits filed even against giant exchanges such as Binance and Coinbase, Telegram seems to have made such a decision in order not to put itself at risk.
What will it do?
You may have questioned why an instant messaging app has crypto wallet support. Namely, Telegram hosts some of the largest cryptocurrency communities in the world. This integration will allow users to transfer crypto money very quickly. Additionally, purchased crypto assets can be stored in this wallet. With such a move, Telegram will strengthen its presence in the industry.
Telegram integration had a positive impact on Toncoin (TON) prices
Telegram integration benefited Toncoin (TON), the native currency of the TON blockchain. TON, which was traded at $1.78 before the news was published, gained around 11 percent and reached $1.95 after the news was heard. In these days when Bitcoin is pretending to be dead, such a rise made TON investors happy.
This content cannot be considered as investment advice.
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