Telegram and TON Foundation Join Forces for Self-Custodial Crypto Wallet Launch
Telegram, is back with a bang and launched TON Space, its self-custodial crypto wallet, marking a return to its ambitious crypto project following a three-year hiatus caused by regulatory challenges. The release comes amid the relaxation of regulatory pressures in the United States, where the SEC has struggled to suppress the growing popularity of cryptocurrencies despite ongoing legal disputes such as Ripple vs. SEC.
Telegram’s plan to launch it this year is a bold step as SEC is proactive and any loophole may damage the messaging platform’s year-long user base. However, the news immediately surged TON’s price by 13%.
Even the Messaging Apps Are Not Shying away From Crypto
Ton’s launch signifies that Telegram is getting its foot back in the crypto corridor. After 3 years of SEC setback TON is back into the system. TON Space is now available to Telegram’s 800 million users. It will also grant priority access to Telegram Ads for projects built on TON. This wallet feature is currently in Telegram’s settings and will globally roll out in November, except in the U.S. and some other countries.
Telegram Ditched TON due to SEC Fear
Telegram abandoned TON in 2020 due to a lawsuit from the SEC. TON was designed as a proof-of-stake blockchain platform to enable cryptocurrency transactions within the messaging app. Telegram settled with the SEC over the alleged unregistered securities offering that raised $1.7 billion through Grams tokens. Telegram had promised a refund if TON didn’t go live, and it had already begun returning funds to users.
With Messages Now, You Can Get Crypto Too? Yes That’s What Telegram Upto
Who says you cannot send crypto in messaging apps, it will soon be a reality in other countries except the US. The partnership with the Open Network Foundation highlights Telegram’s renewed commitment to digital ownership rights and free speech. While Telegram moved away from TON in 2020, various community organizations, such as FreeTon, NewTON, and the TON Chinese Community, continued to work on similar projects. The TON Foundation has recently settled in Switzerland and is now a registered nonprofit.
Many are speculating that Telegram is inspired by Elon Musk’s plans for X as a multifaceted platform. Notably, Telegram’s co-founder Pavel Durov originally conceived TON as a means to integrate cryptocurrency transactions within chats and monetize the app.
Despite regulatory challenges, Telegram has significantly grown its user base, doubling its users to approximately 800 million since the TON setback. Telegram’s introduction of TON Space underscores the importance of integrating crypto assets into mainstream platforms.