Telegram Messenger Launches Self-Custodial Crypto Wallet for 800 Million Users
Telegram Messenger has introduced a self-custodial crypto wallet for its massive user base of over 800 million people around the world. The popular messaging platform’s foray into the Web3 space was initially announced almost three years ago.
The crypto wallet is built on The Open Network (TON) and can be accessed through settings on Telegram’s messaging app. Following the announcement, the price of Toncoin (TON’s native token) experienced a surge of nearly 8%.
Partnership Between Telegram and The Open Network Brings Crypto Wallet Integration
At the Token2049 event in Singapore on September 13, The Open Network announced its collaboration with Telegram, providing the messaging platform’s 800 million users with a self-custodial crypto wallet. Additionally, projects built on the TON blockchain will receive priority access to Telegram Ads, the app’s advertising platform, thereby enhancing their exposure to a wider audience in the Web3 space.
According to John Hyman, Telegram’s Chief Investment Officer:
“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. With this announcement, we are putting digital ownership rights in the hands of our entire user base, while also giving TON projects the tools to reach our audience in the largest Web3/Web2 integration there has ever been.”
Telegram initially aimed to build a Web3 ecosystem back in 2019, but had to temper its plans in 2020 due to a lawsuit from the United States Securities and Exchange Commission (SEC). The SEC sued Telegram for raising $1.7 billion through an unregistered security in the form of an initial coin offering (ICO) called Grams. In response to the lawsuit, Telegram paid an $18.5 million fine and returned unused investor funds.
Rising Momentum for TON as Toncoin Price Spikes
After the announcement, Toncoin recorded an almost 8% price increase. The cryptocurrency has become one of the top gainers in the market, seeing a substantial 13% increase in the past 24 hours.
This uptrend reinforces the token’s recent market performance, with a more than 36% price surge over the past month, as reported by CoinGecko.
Notably, this positive performance is particularly impressive amid the sluggish conditions of the cryptocurrency market in recent weeks, with top altcoins like ETH, XRP, and SOL struggling due to market sentiment.
Currently valued at $1.94, the TON token aims to surpass the $2 mark, showcasing the sustainability of this recent upswing. Toncoin stands as the 12th-largest cryptocurrency by market capitalization, with a value of approximately $6.68 billion.
Source: TradingView
Featured image from Unsplash, chart from TradingView
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