July 16, 2024
Telegram Unveils Crypto Wallet
Latest Cryptocurrency News

Telegram Unveils Crypto Wallet

The Open Network Foundation (TON Foundation) recently announced a strategic partnership with the messaging app Telegram, marking a significant step in bringing The Open Network (TON) back to its original vision. The partnership involves the launch of a self-custodial cryptocurrency wallet called TON Space for Telegram’s vast user base, which currently stands at approximately 800 million users. Additionally, the TON Foundation will provide priority access to Telegram Ads for projects developed on the TON blockchain. This wallet feature can be accessed in Telegram’s settings and is set to undergo a global rollout in November, excluding certain countries, including the United States.

It’s worth noting that TON, initially intended as a proof-of-stake blockchain platform, faced setbacks when Telegram discontinued its involvement in 2020 due to legal issues with the United States Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Telegram in 2019, alleging that the project’s initial coin offering (ICO) for the Grams token involved the sale of unregistered securities. As part of the settlement, Telegram agreed to reimburse investors for any unutilized funds, in addition to paying an $18.5 million fine. Telegram had previously promised to refund funds to users if the platform failed to go live by a specified date in spring 2020.

Pavel Durov, the co-founder of Telegram, originally envisioned TON as a means to facilitate cryptocurrency transactions within the chat platform and monetize the messaging app. However, in a 2020 blog post, he officially declared that Telegram’s active involvement with TON had ceased. He expressed concerns about other crypto projects adopting the TON name and technology and stated that Telegram was unlikely to support them. Therefore, the recent partnership with the TON Foundation represents a notable shift in Telegram’s stance.

Several community organizations emerged to keep the TON project alive in the wake of Telegram’s withdrawal, including FreeTon, NewTON, and the TON Chinese Community.

Telegram’s Chief Investment Officer, John Hyman, emphasized that the partnership aligns with the company’s commitment to user ownership of their identities and assets, in line with their support for free speech. He stated that the partnership empowers Telegram users with digital ownership rights, underlining Telegram’s mission to enable freedom of speech in the digital age.

The TON Foundation has also recently relocated and is now registered as a nonprofit organization in Switzerland. Steve Yun, the president of TON Foundation, highlighted the synergy between TON and Telegram, aiming to provide a user-friendly experience akin to popular social applications like Telegram and inviting developers to join their journey toward mass adoption.

Image by macrovector on Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

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