- Telegram launches its self-custodial wallet, TON Space, at the Token2049 event.
- The effort was encouraged by the active crypto communities built on Telegram.
- The platform worked in tandem with The Open Platform to develop its wallet.
Telegram, the renowned messaging app with 800 million monthly active users, has entered the crypto arena with the launch of a global self-custodial crypto wallet, TON Space. The unveiling took place at the Token2049 event in Singapore, garnering attention from more than 10,000 attendees.
Telegram’s foray into the world of crypto wallets comes nearly three years after its initial plans to develop a Web3 ecosystem. In particular, this move is seen as an effort to strengthen its position within the thriving crypto community that has evolved around its messaging platform.
Thus, the launch of TON Space aligns with a growing shift in the crypto community towards self-custodial wallets, driven by heightened awareness of the security and control they offer compared to centralized alternatives. It’s worth noting that Telegram did not directly develop the wallet. Rather, it is a result of collaboration with a company called The Open Platform (TOP).
Telegram’s history with blockchain technology is complex. In 2020, the company halted its ambitious Telegram Open Network (TON) blockchain project due to legal challenges and regulatory issues. This includes action by the U.S. Securities and Exchange Commission (SEC) alleging violations of securities laws in relation to the project’s ICO.
The TON project had garnered significant attention for its goal of creating a decentralized blockchain platform and its associated cryptocurrency, Gram. However, the SEC’s concerns led to Telegram abandoning the project and returning ICO funds to investors as part of a settlement.
The TON wallet, developed by TOP, is now accessible to Telegram’s extensive global user base. Its seamless integration with the Telegram platform sparked a notable surge in the price of Toncoin, with a nearly 14% increase upon the announcement.
With TON Space, Telegram aims to offer its users enhanced security and control over their digital assets while making strides in the evolving landscape of crypto and blockchain technology.
The launch of TON Space marks an exciting chapter in Telegram’s journey towards becoming a key player in the crypto ecosystem. In fact, it has the potential of introducing millions of users to the world of cryptos.
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