In a significant move towards embracing the world of Web3, the popular messaging app Telegram has unveiled its long-anticipated crypto wallet. This unveiling took place during the Token2049 event in Singapore, marking a milestone in the company’s journey towards creating a comprehensive Web3 ecosystem. What’s more, the social messaging application has chosen the TON blockchain network as its platform of choice for this new venture, a decision that has already had a substantial impact on the TON token’s value, causing it to surge by nearly 7%.
This exciting development means that the app’s 800 million users worldwide can now access a fully integrated crypto wallet, built on the robust and secure foundation of the TON blockchain. This integration has not only expanded the app’s utility but also boosted the TON coin’s attractiveness to investors and crypto enthusiasts.
The TON Foundation has outlined its commitment to support projects developed on its blockchain network by offering them priority access to the app’s advertising platform, Telegram Ads. This symbiotic relationship between the messaging giant and the TON blockchain network promises to create new avenues for innovation in the crypto space.
While the TON wallet feature is already available in the app’s settings, the global rollout is scheduled to commence in November of this year. It’s worth noting that the rollout will exclude the United States and a few other countries due to regulatory considerations.
Telegram’s SEC Lawsuit and Settlement
Telegram’s journey towards integrating a TON-based crypto wallet was initially set in motion back in 2019. However, the process hit a roadblock in 2020 when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram. The SEC alleged that the app’s $1.7 billion initial coin offering (ICO) constituted unregistered securities. Ultimately, Telegram reached a settlement with the SEC, agreeing to pay an $18.5 million fine and return any unspent funds to investors.
Now, with this renewed partnership between Telegram and the TON Foundation, both parties are aiming to build a robust Web3 infrastructure within the messaging platform. The creators of this initiative have set their sights on resolving onboarding issues and creating a user-friendly gateway to the world of cryptocurrencies for all Telegram users.
As the crypto world continues to evolve, Telegram’s bold move into the blockchain arena is poised to accelerate the adoption of digital assets and further solidify the company’s position as a pioneering force in the world of technology and communication. With the integration of the TON-based crypto wallet, the stage is set for a promising future for Web3 on Telegram’s platform.