After several years of anticipation, Telegram has finally launched its cryptocurrency wallet, marking a significant step in the platform's journey towards establishing a Web3 ecosystem. The official release occurred during the Token2049 event in Singapore, introducing Telegram's crypto wallet to its vast user base of 800 million people worldwide.
This crypto wallet operates on the Open Network (TON) blockchain, providing Telegram users with access to a range of cryptocurrency-related features. Following the wallet's integration, the price of Toncoin, the native cryptocurrency of the TON blockchain, experienced a notable 7% surge. Additionally, the TON Foundation, the organization behind the TON blockchain, revealed that projects built on this blockchain will enjoy preferential access to Telegram Ads, the messaging platform's advertising system.
The crypto wallet feature is now accessible in the settings of Telegram's current users. It is set to roll out globally, excluding certain regions, starting in November. Unfortunately, the United States and some other countries will not have immediate access to the wallet.
Telegram initially had plans to integrate a TON-based cryptocurrency wallet back in 2019. However, these plans were disrupted when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram's $1.7 billion initial coin offering (ICO). The SEC deemed this ICO an unregistered security offering. In response, Telegram severed its ties with the TON Foundation and opted to settle with the SEC. The settlement involved an $18.5 million fine and a commitment to return any unused ICO funds to investors.
Now, with their renewed collaboration, the TON Foundation and Telegram aim to construct Web3 infrastructure on top of the popular messaging platform. This ambitious project seeks to address onboarding challenges and create a secure gateway for all Telegram users, paving the way for wider adoption of cryptocurrencies and blockchain technology.
