Telegram Messenger has incorporated a self-custodial crypto wallet based on The Open Network (TON) for its vast user base, which boasts over 800 million monthly active users.
Branded as TON Space, the new wallet can be accessed directly via Telegram’s settings. According to the TON Foundation, current users of its Telegram Wallet, which is currently working as a bot within the messaging app, will be able to access TON Space. The former facilitated buy/sell functions for a number of supported cryptocurrencies such as Bitcoin and Ethereum within the Telegram Messenger app.
The wallet is slated for a global launch by next month, November. Users in the U.S. as well a few specified jurisdictions will not be included.
“Telegram’s mission has always been to enable freedom of speech, but speech is so much 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,” shares John Hyman, Chief Investment Officer at Telegram.
This partnership between Telegram and the TON Foundation is bringing TON closer to its original vision. For context, Telegram had to abandon the TON (The Open Network) project back in 2020, after over two years of supporting its initial development as a proof-of-stake blockchain.
This was due to the U.S. Securities and Exchange Commission (SEC) filing a lawsuit against Telegram the previous year. The lawsuit’s contention was over Telegram raising $1.7 billion in an initial coin offering via a token named Grams, which the SEC argued was an unregistered security.
To settle the lawsuit, Telegram agreed to refund unutilized investor capital and remit an $18.5 million fine. Post this episode, TON transitioned into an open-source community project. Telegram’s withdrawal from involvement in TON and its PoS blockchain came at a time when the app had roughly half a billion users globally. The messaging app has since reached 800 million active daily users, with a consistent lead in downloads across mobile platforms such as iOS and Android.
Currently, the TON Space wallet acts as an enhanced infrastructure layer for the TON ecosystem. With its integration, Telegram will also afford TON projects and its partners preferential access to its global promotional platform, known as Telegram Ads, the TON Foundation disclosed.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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