Popular messaging platform Telegram has revealed plans to launch a self-custodial cryptocurrency wallet in collaboration with The Open Network (TON). This announcement was made during the Token2049 event in Singapore on September 13, 2023.
The new crypto wallet is named TON Space and will cater to Telegram’s extensive user base of over 800 million monthly active users.
Currently, TON Space is accessible to users via the Telegram Wallet bot and native settings within the Telegram app. The global rollout of the wallet is scheduled to begin in November 2023 for all users except those in the United States and a few other countries.
— TON 💎 (@ton_blockchain) September 13, 2023
This development marks a significant milestone in Telegram’s ambitious Web3 ecosystem plans. Telegram had originally played an active role in the development of TON but was forced to abandon the project in 2020 due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). The SEC had alleged that Telegram conducted an unregistered securities offering that raised $1.7 billion by selling “Gram” tokens.
Telegram reached a settlement with the securities regulator, and as part of the settlement, it promised to refund any unused investor funds and paid an $18.5 million fine. Since then, TON has continued as an open-source, community-driven initiative.
The partnership with Telegram is expected to promote TON’s adoption and boost its standing in the crypto market. Currently, Toncoin, the native cryptocurrency of TON, ranks as the 11th largest cryptocurrency by market capitalization, totaling approximately $6 billion, according to data from CoinMarketCap. The mere announcement of the partnership led to a 7% increase in the toncoin’s value within just one hour.
Meanwhile, the TON Foundation announced on September 6 that it has transitioned from its current administrative structure to a nonprofit organization now registered in Switzerland. The Foundation previously ran a community-driven initiative.
Steve Yun, TON Foundation’s President, stated that the transition “marks a new chapter” for the community and will continue to serve them. According to Yun, “At the service of our community, TON Foundation will pursue strong governance and transparency under the guidance of Swiss regulations.”
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