Coinspeaker
Telegram Integrates TON-Based Web3 Wallet into Its Platform
Telegram, the renowned messaging app with a user base of 800 million, is set to usher in a new era of digital ownership by integrating the TON-built Web3 wallet into its platform.
This remarkable move follows the success of the standalone TON wallet bot, which boasts 3 million registered users. With this integration, Telegram is taking a giant leap toward making digital ownership rights accessible to its vast user base while fostering a significant Web3/Web2 partnership.
As a direct result of this announcement, a recent report highlighted that Toncoin (TON), the native token of the TON network, witnessed a remarkable surge of 14% within just 30 minutes.
In addition to the integration of the Web3 wallet, Telegram is introducing a self-custodial version named “TON Space”. This wallet will empower users with full control over their digital assets and enhance security. TON Space ensures that users have ownership and control over their private keys, a fundamental aspect of the blockchain philosophy.
Telegram’s rollout plan for TON Space is ambitious and aims to reach users outside the United States. According to the TON Foundation, this rollout should be completed by November, marking a significant milestone in the intersection of messaging apps and blockchain technology. Additionally, the Foundation noted that applications developed on TON will be given preferential access to Telegram Ads.
Telegram’s Chief Investment Officer, John Hyman, emphasized the significance of this integration, stating that they are “putting digital ownership rights in the hands of our entire user base”. This decision represents a shift of power from centralized entities to individuals, aligning with the principles of decentralization and user-centricity.
Telegram Wallet: Complementing Ambitious Web3 Push
TON, a Proof-of-Stake (PoS) blockchain platform, was conceived with the goal of revolutionizing the way cryptocurrencies and digital assets are integrated into messaging apps. Telegram’s co-founder, Pavel Durov, envisioned TON as a means to send and receive crypto within chats, essentially monetizing the messaging app while empowering users with greater control over their assets and identities.
However, TON’s journey was cut short by the United States Securities and Exchange Commission (SEC). In 2019, the SEC sued Telegram over the $1.7 billion raised through an Initial Coin Offering (ICO) for a token called Grams. The SEC claimed that this ICO constituted an offering of unregistered securities. Telegram settled with the SEC, agreeing to return funds to investors that had not been spent, in addition to paying an $18.5 million fine.
The legal battles with the SEC took a toll on TON’s development. In a blog post in 2020, Durov officially declared that “Telegram’s active involvement with TON is over”. The project, which had seen two-and-a-half years of work, was abandoned due to the regulatory challenges it faced.
Despite Telegram’s withdrawal, the spirit of TON lived on through community organizations. Groups like FreeTon, and the TON Chinese Community emerged to continue developing and promoting the TON ecosystem.
Currently, TON has emerged as a significant player in the crypto market. As of the latest available data from CoinMarketCap, Toncoin holds the position of the 11th largest crypto by market capitalization, with an estimated market cap of around $6 billion.
