Messaging app Telegram endorsed TON network as its blockchain network of choice for Web3 infrastructure, boosting the TON token price by 7%.
Popular messaging app Telegram has finally unveiled a crypto wallet nearly three years after it first revealed plans to build a Web3 ecosystem. The wallet was unveiled during the ongoing Token2049 event in Singapore.
The crypto wallet is developed on the TheOpen Network (TON) blockchain and is now available to its 800 million users worldwide. The TON wallet integration into Telegram helped the price of TON coin soar by nearly 7% on the announcement.
TON Foundation said that the projects built on the TON blockchain will get priority access to the messaging app’s advertising platform, Telegram Ads. The wallet feature is currently available in the settings and global rollout will begin in November later this year excluding the United States and few other countries.
Telegram planned to integrate TON based crypto wallet as early as 2019, however, the messaging app had to cut its ties with the blockchain foundation in 2020 after the U.S. Securities and Exchange Commission filed a lawsuit against Telegram for its $1.7 billion initial coin offering (ICO) raise, deeming it as unregistered securities. The messaging platform settled with the SEC with a $18.5 million fine and a promise to pay back investors any unspent funds.
Related: Telegram Wallet bot enables in-app payments in Bitcoin, USDT and TON
With renewed tie-up between the two firms, TON Foundation hope to build the Web3 infrastructure on the popular messaging platform. The creators of the project hope to end onboarding issues and create a gateway to crypto for all Telegram users.
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