Making an important move for the world of crypto money and Web3 infrastructure, Telegram Messenger threw its weight behind the TON network and revived the once abandoned altcoin project. It gave significant support to the TON token, which increased by 7% in the last hour. Here are the details…
Telegram revived this altcoin project
Telegram’s participation in the TON Blockchain dates back to 2018, when the messaging giant launched its development. However, legal challenges from the US Securities and Exchange Commission (SEC) in August 2020 led to the abandonment of the project. Allegations of selling unregistered securities have cast a shadow over Telegram’s ambitious blockchain effort. Still, determined to keep the project alive, the TON community founded the TON Foundation the following year. Currently, the TON price is at $1.08, an increase of 14 percent.
Despite Telegram’s exit, the messaging platform has remained a brute among crypto enthusiasts, thanks in part to its failed attempts to launch its own cryptocurrency. Meanwhile, development of the TON spinoff network continued under the Foundation’s guidance, ostensibly independent of Telegram. Notably, many of TON’s key developments have emerged within the Telegram ecosystem, including the introduction of a TON-made Web3 wallet accessible via the messaging app.
TON returns to the crypto scene
Fast forward to today and Telegram is making its triumphant return to the TON scene. The messaging app has seamlessly integrated a self-custodial crypto wallet called “TON Space” into its platform, providing access to its large user base of over 800 million monthly active users. The Open Network, the driving force behind TON, announced this groundbreaking integration.
From now on, all Telegram Wallet users have access to TON Space, a bot-supported wallet that facilitates the buying and selling of cryptocurrencies, including Bitcoin. However, it is worth noting that starting from November, this self-custody wallet will be available to global Telegram users, excluding the US and some other countries.
What does partnership mean?
This partnership between Telegram and the TON Foundation represents a crucial step towards realizing TON’s original vision. In 2020, Telegram’s participation in TON was halted due to an SEC lawsuit accusing the company of raising $1.7 billion through an initial coin offering (ICO) for a token called Grams, which the SEC considered an unregistered security. To resolve the legal issue, Telegram reached a settlement with the SEC, returning unused investor funds and paying a fine of $18.5 million. Later, TON evolved into an open source community project.
TON Space, the newly launched wallet, serves as a critical infrastructure layer within the TON ecosystem. To celebrate its launch, Telegram has committed to providing priority access to the global advertising platform Telegram Ads for TON projects and partners, according to the TON Foundation. Telegram’s Chief Investment Officer John Hyman emphasized the importance of this partnership and said:
Telegram’s mission has always been to ensure freedom of expression, but in this digital age, speech is so much more. We believe that users have the right to own their identities and assets. With TON Space, users now have the technology to make this easier. With this partnership, we are placing digital property rights in the hands of our entire user base while providing TON projects with the tools to reach our audience in the largest Web3/Web2 partnership ever.
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