Popular messaging app Telegram has introduced a long-awaited crypto wallet, marking a significant step towards realizing its vision of building a Web3 ecosystem.
The announcement came during the Token2049 event in Singapore, generating considerable excitement among the platform’s 800 million global users.
This crypto wallet operates on The Open Network (TON) blockchain, providing Telegram users with a seamless and secure way to manage their digital assets.
The integration of the TON wallet into Telegram had an immediate impact on the crypto market, causing Toncoin’s value to surge by approximately 7% upon the unveiling.
The TON Foundation has unveiled a compelling incentive for projects built on the TON blockchain.
These projects will receive preferential access to Telegram’s advertising platform, Telegram Ads.
While the wallet feature is currently accessible in the app’s settings for existing users, a worldwide rollout is scheduled for November this year, with the notable exception of the United States and a few other countries.
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Telegram’s journey towards integrating a TON-based crypto wallet began as far back as 2019. However, the project faced substantial obstacles when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram in 2020.
The SEC alleged that Telegram’s $1.7 billion initial coin offering (ICO) was an unregistered security.
In response, Telegram reached a settlement with the SEC, agreeing to pay an $18.5 million fine and refund any unspent funds to investors.
Now, with their renewed collaboration, the TON Foundation and Telegram aim to forge a strong partnership and develop the Web3 infrastructure within the messaging platform.
Their vision is clear: to eliminate onboarding barriers and establish a user-friendly gateway to cryptocurrency for all Telegram users.
In summary, Telegram’s crypto wallet, built on the TON blockchain, is set to reshape the landscape of digital asset management within the messaging app.
With a global rollout on the horizon and a commitment to Web3 development, Telegram is poised to become a prominent player in the world of cryptocurrency.
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