Popular messaging app Telegram has officially introduced a cryptocurrency wallet, marking a significant development in its Web3 ecosystem plans, which were initially announced nearly three years ago. This unveiling took place during the Token2049 event in Singapore.
The newly introduced crypto wallet is built on the TheOpen Network (TON) blockchain and is now accessible to Telegram’s extensive user base of 800 million people worldwide. Notably, the integration of the TON wallet into Telegram had an immediate impact, driving up the price of the TON coin by approximately 7% following the announcement.
Source: X
The TON Foundation has also revealed that projects developed on the TON blockchain will receive preferential access to Telegram’s advertising platform, Telegram Ads. While the wallet feature is currently accessible in the settings for existing users, the global rollout is scheduled to commence in November of this year, with exceptions for the United States and a few other countries.
Telegram initially intended to integrate a TON-based cryptocurrency wallet in 2019. However, these plans were disrupted in 2020 when the U.S. Securities and Exchange Commission (SEC) initiated legal action against Telegram for conducting a $1.7 billion initial coin offering (ICO) without registering it as securities. Subsequently, Telegram settled with the SEC, agreeing to pay an $18.5 million fine and refund any unused investor funds.
Now, with the renewed collaboration between Telegram and the TON Foundation, there is a shared ambition to construct the Web3 infrastructure within the widely used messaging platform. The project’s creators aspire to resolve onboarding challenges and create a convenient gateway to cryptocurrency for all Telegram users.