After nearly three years since unveiling plans to establish a Web3 ecosystem, the widely-used messaging app Telegram has at last launched its crypto wallet. The launch occurred during the ongoing Token2049 event in Singapore. Telegram's crypto wallet is built on the Open Network (TON) blockchain and is now accessible to its vast user base of 800 million individuals worldwide. Notably, Toncoin's price saw a near 7% surge following the integration of the TON wallet into the Telegram platform.
According to the TON Foundation, projects constructed on the TON blockchain will enjoy priority access to Telegram Ads, the messaging app's advertising platform. Currently, the wallet feature is available within settings for existing users, with a broader global rollout set for November, except in the United States and certain other regions.
Telegram had initially intended to incorporate a TON-based crypto wallet in 2019. However, the company faced regulatory challenges when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against its $1.7 billion initial coin offering (ICO), deeming it an unregistered security offering. This legal action led to a separation between Telegram and TON in 2020. In a settlement with the SEC, Telegram agreed to an $18.5 million fine and pledged to refund any unutilized investor funds.
Now that Telegram and the TON Foundation have reconciled, their aim is to establish Web3 infrastructure atop the popular messaging platform. This initiative seeks to streamline the onboarding process and establish an encrypted gateway accessible to all Telegram users.
