- Telegram introduced a self-custody crypto wallet to expand its presence in the thriving crypto community.
- Telegram and the TON Foundation jointly unveiled the TON Space wallet at the Token2049 conference.
- The TON Foundation had supported the development of the TON blockchain, powering applications like the self-custodial wallet in Telegram.
Telegram, the widely used messaging application boasting 800 million active monthly users, is introducing a self-custody cryptocurrency wallet. This strategic move aims to further establish its presence within the thriving cryptocurrency community that has flourished within its chat platform, and it has the potential to encourage a broader audience to enter the cryptocurrency realm.
During the Token2049 cryptocurrency conference held in Singapore, Telegram and the TON Foundation jointly unveiled their new self-custodial wallet, named TON Space. This event drew more than 10,000 attendees. Following the upheaval caused by the FTX incident, the cryptocurrency community has experienced a profound realization of the importance of self-custodial wallets, as opposed to centralized ones that leave users with limited control over their digital assets.
It’s important to note that Telegram did not directly develop this wallet, and the collaborative announcement underscores the intricate history of its relationship with blockchain technology.
In 2020, Telegram abandoned its own Telegram Open Network (TON) blockchain project following a lawsuit by the U.S. Securities and Exchange Commission, which stemmed from a substantial initial coin offering. Subsequently, a group of open-source developers and blockchain enthusiasts established The Open Network Foundation (TON Foundation), which now actively supports the development of The Open Network (TON). This blockchain is responsible for powering an increasing array of applications on Telegram, including the newly introduced self-custodial wallet.
The concept and creation of this wallet originate from a company known as The Open Platform (TOP). TOP consists of a dedicated wallet development team and a venture-building division, TOP Labs, which maintains a close collaboration with the TON ecosystem and manages a portfolio of applications based on the TON blockchain.
Commencing in November, TON Space will be accessible to Telegram’s worldwide user base without necessitating any wallet registration. This addition serves as an extension to the pre-existing custodial version of the Telegram wallet, which has already attracted three million registered users. Notably, the self-custodial wallet is currently unavailable in specific regions, including the United States. This restriction aligns with the U.S.’s recent enforcement actions within the cryptocurrency industry, leading to the geo-blocking of numerous crypto applications for American users.
In other news, The integration of the TON wallet into Telegram led to a substantial price increase of nearly 7% for Toncoin following the announcement. The TON Foundation also revealed that projects constructed on the TON blockchain will receive preferential access to Telegram’s advertising platform, Telegram Ads.
At the time of writing, the live Toncoin price stands at $2.35 USD, accompanied by a 24-hour trading volume of $73,576,721 USD. Additionally, over the past 24 hours, Toncoin has experienced a 4.98% increase in its value, according to data from CoinMarketCap.
