Popular messaging platform Telegram has unveiled a new cryptocurrency wallet built on the TON blockchain. The wallet is now available to Telegram’s massive user base of 800 million people globally.
The integration of the TON-based wallet into Telegram gave a boost to the TON token price, which rose nearly 7% following the announcement at the Token2049 event in Singapore. This comes almost three years after Telegram first revealed plans for a crypto ecosystem.
The wallet provides mainstream exposure and easy access to Web3 for Telegram users. TON Foundation noted that projects built on TON will get priority access to Telegram’s advertising platform. The wallet rollout begins in November, excluding the U.S. and certain countries.
In 2020, Telegram had to cut ties with TON after the SEC sued the messaging app for its $1.7 billion TON ICO, deeming it an unregistered securities sale. Telegram settled for $18.5 million and agreed to refund investors.
The renewed collaboration between Telegram and TON Foundation aims to leverage the messaging platform’s vast reach to drive adoption of TON and crypto wallets. By tackling onboarding challenges, the project hopes to create a gateway to Web3 and crypto for the everyday user.
With the bot-infested crypto space in dire need of intuitive and secure mainstream apps, Telegram’s endorsement and integration of TON could significantly further adoption and trust if executed responsibly.
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