Toncoin (TON) has reached a significant milestone by surging to a three-month high of $1.95 following the launch of the self-custodial version of the TON-based wallet, TON Space.
This development, met with enthusiasm by the cryptocurrency community, has paved the way for a global rollout scheduled for November. Notably, this feature will become the default for all Telegram users worldwide, except those in the United States.
The primary goal of this initiative is to onboard a substantial portion of Telegram’s massive user base onto the Toncoin ecosystem by 2028, with an ambitious target of attracting 30% of all Telegram users.
In response to this announcement, Toncoin experienced a remarkable upswing, emerging as the day’s top gainer among the top 10 cryptocurrencies, recording an impressive 13% increase in value.
TON has exhibited a remarkable recovery trend over the past two days, bouncing back from a near two-week low of $1.6040. On September 11, the cryptocurrency found support at the Fib 0.5 retracement level of $1.6171, subsequently regaining momentum. It swiftly climbed back above its 20-day Exponential Moving Average (EMA) and the Fib 0.382 retracement level.
As of now, Toncoin is trading at $1.92, representing a notable 7.22% gain in the daily chart. This consistent upward movement signals a positive trajectory for Toncoin, hinting at continued recovery in the near future.
Telegram Launches Toncoin (TON) Space Self-Custodial Wallet
The launch of this wallet, TON Space, was jointly announced by Telegram and the TON Foundation during Singapore’s Token2049 crypto conference, attended by over 10,000 individuals.
The TON Foundation, an entity formed by open-source developers and blockchain enthusiasts, now supports the development of The Open Network (TON), the blockchain underpinning various Telegram applications, including the self-custodial wallet.
TON Space, developed by The Open Platform (TOP), will be accessible to Telegram’s global user base starting in November without needing wallet registration. This offering extends the custodial Telegram wallet, which has already garnered three million registered users.
The primary advantage of having a crypto wallet within Telegram is the potential to introduce a significant number of users, including unbanked populations in developing countries, to digital assets. Developers can manage the flow of digital assets through their projects via self-custodial wallets, opening up new possibilities for various applications and services.
Telegram is also promoting TON projects and partners by granting them priority access to its global advertising platform, aiming to facilitate the adoption of decentralized apps.
While Signal, another encrypted chat app, has a crypto payments solution through a third-party partner, MobileCoin, TON Space and Signal’s offerings cater to different user bases, with the former emphasizing community and social interaction within its crypto ecosystem.