Telegram, the popular messaging app, has finally revealed its long-awaited crypto wallet, marking a significant milestone in its plans to build a Web3 ecosystem. The unveiling took place during the Token2049 event in Singapore, garnering attention from crypto enthusiasts worldwide.
The newly developed crypto wallet is built on the TheOpen Network (TON) blockchain and is now available to Telegram’s massive user base of 800 million people. This integration has had a positive impact on the price of TON coin, which surged by nearly 7% following the announcement, indicating the market’s enthusiasm for this development.
In addition to the wallet integration, TON Foundation has also announced that projects built on the TON blockchain will receive priority access to Telegram Ads, the messaging app’s advertising platform. This move aims to incentivize developers and businesses to leverage the TON ecosystem for their projects.
The crypto wallet feature is currently accessible in the settings for existing Telegram users, and a global rollout is scheduled to commence in November of this year. However, users from certain countries, including the United States, will be excluded from the initial rollout. This exclusion is likely due to regulatory considerations and may be subject to change in the future.
It is worth noting that Telegram had initially planned to integrate a TON-based crypto wallet back in 2019. However, the messaging app faced setbacks when it had to sever ties with the blockchain foundation in 2020. This action was in response to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Telegram for conducting an unregistered securities offering, which raised $1.7 billion through an initial coin offering (ICO). Ultimately, Telegram settled with the SEC, paying an $18.5 million fine and committing to refund investors any unspent funds.
The renewed partnership between Telegram and TON Foundation signifies their shared vision of building the Web3 infrastructure within the messaging app. One of the main goals of the project is to address onboarding issues and provide a gateway to crypto for all Telegram users, making it easier for them to engage with digital assets and decentralized applications.
This recent announcement has generated significant excitement within the crypto community, as it showcases Telegram’s commitment to embracing blockchain technology and creating a seamless crypto experience for its vast user base. With the integration of the TON-based crypto wallet, Telegram is taking a significant step towards establishing itself as a key player in the growing decentralized finance (DeFi) space.
In conclusion, Telegram’s unveiling of its crypto wallet on the TON blockchain represents a momentous milestone for the messaging app’s Web3 ecosystem ambitions. By offering its 800 million users access to a self-custody wallet, Telegram aims to facilitate widespread adoption of cryptocurrencies and foster innovation within the decentralized ecosystem. As the global rollout approaches, it will be interesting to witness the impact of this integration and how it transforms Telegram into a major player within the crypto community.
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