Telegram Messenger has introduced a self-custodial crypto wallet for its 800 million active users worldwide. This comes three years after the platform’s initial announcement to enter the Web3 space.
The crypto wallet is built on The Open Network (TON) and can be accessed through the settings on Telegram’s messaging app. As a result of this announcement, the price of Toncoin (TON’s native token) increased by nearly 8%.
Telegram Officially Integrates Crypto Wallet into Messaging Platform
On September 13, at the Token2049 event in Singapore, The Open Network announced its partnership with Telegram. This collaboration will grant the messaging platform’s 800 million users access to a self-custodial crypto wallet.
As part of the integration, projects built on the TON blockchain will receive priority access to Telegram Ads, the app’s advertising platform. This was confirmed by Anthony Tsivarev, Director of Developer Relations at TON, in a post on X (formerly Twitter).
John Hyman, Telegram’s Chief Investment Officer, commented on this development:
Telegram’s mission has always been to promote freedom of speech. However, speech encompasses more in this digital age. We believe users have the right to own their identities and assets. With TON Space, users now have the technology to make that convenient. This announcement puts digital ownership rights in the hands of our entire user base, while also providing TON projects with the tools to reach our audience in the largest Web3/Web2 integration to date.
Telegram initially planned to build a Web3 ecosystem in 2019. However, due to a lawsuit from the United States Securities and Exchange Commission (SEC), the messaging platform had to pause its collaboration with The Open Network in 2020.
In 2019, the SEC filed a lawsuit against Telegram for raising $1.7 billion through an initial coin offering (ICO) of a token called Grams. The SEC considered it an unregistered security. Telegram resolved the issue by paying an $18.5 million fine and returning unused investor funds.
TON Maintains Positive Momentum – Price Overview
In response to this announcement, Toncoin experienced an almost 8% price surge. Currently, the cryptocurrency stands as one of the top gainers in the market, with a significant 13% price increase in the last 24 hours.
This recent price movement underscores the token’s strong market performance in recent weeks. According to CoinGecko, TON’s price has risen by over 36% in the past month.
Considering the sluggish condition of the cryptocurrency market in recent weeks, this positive performance is particularly impressive. Most top altcoins, including ETH, XRP, and SOL, have struggled due to the current market sentiment.
While the TON token is currently valued at $1.94, it will be interesting to see if this burst of positivity can drive the cryptocurrency above $2.
Nonetheless, Toncoin ranks as the 12th-largest cryptocurrency, with a market cap of approximately $6.68 billion.
Toncoin price resumes bullish trend on daily timeframe | Source: TONUSDT chart on TradingView
Featured image from Unsplash, chart from TradingView