TON jumps over 10% as Telegram messenger announces an integrated crypto wallet

The long-anticipated crypto wallet from the popular messaging app Telegram has finally been unveiled, nearly three years after the company initially announced its plans to create a Web3 ecosystem. Telegram announced this development during the ongoing Token2049 crypto conference in Singapore.

The newly introduced crypto wallet is built on The Open Network (TON) blockchain and is being offered to Telegram's vast global user base of 800 million people. The rollout is scheduled for November, although the crypto features will not be available in the United States and other select other countries.  Users will be able to access the self-custodial wallet and Web3 tools, called TON Space, through the Telegram app's settings.

The integration of the TON wallet within Telegram had an immediate impact on the price of Toncoin, The Open Network's native token, which surged 7% in just half an hour after the announcement and continued to gain around 13% on Wednesday to hit $1.93 per coin. For reference, the TON coin's all-time high was $4.50 back in 2021. According to data from CoinMarketCap, Toncoin is currently the 11th largest cryptocurrency, with a market cap of around $6.6 billion.

In an exciting move, the TON Foundation has stated that projects developed on the TON blockchain will receive preferential access to Telegram's advertising platform, known as Telegram Ads. Given the size of Telegram's user base, this makes investment in Toncoin a hot commodity for entities looking to stake a claim in the emerging integration of Web3 and messaging apps.

Why now?

Telegram and cryptocurrency have a long history together, as it is often the messaging platform of choice for crypto users, and the company's founders have previously been involved with the blockchain tech industry. It's worth noting that Telegram had initially intended to incorporate a TON-based crypto wallet back in 2019. However, the messaging app faced a setback in 2020 when it severed its ties with the blockchain foundation.

This separation occurred following legal action by the US Securities and Exchange Commission (SEC), which filed a lawsuit against Telegram due to its $1.7 billion initial coin offering (ICO), classifying it as the sale of unregistered securities. Telegram ultimately reached a settlement with the SEC, agreeing to pay an $18.5 million fine and promising to refund investors any unused funds.

In an interview, Telegram's chief investment officer, John Hyman, stated that the TON foundation will remain a "completely separate decentralised organisation." He continued, "Telegram will focus on providing a fantastic messenger platform. It is not getting into Web3 but recognises the value Web3 has for its users."

With a renewed collaboration between the two entities, the TON Foundation hopes to finally build the Web3 infrastructure on Telegram that was promised. The creators of the project hope to leverage the smooth user interface (UI) and user experience (UX) that made Telegram so popular to create a hassle-free, seamless gateway to crypto for all Telegram users. 

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