Telegram Messaging App Backs TON Project, Leading to Token Surge
The messaging giant, Telegram, has officially embraced the TON network as its preferred blockchain infrastructure for the Web3 era. This endorsement comes with the promise of seamless integration into the app's user interface. The impact of this decision was immediate, as the native token of the TON network, Toncoin (TON), experienced a rapid surge of 6.5% within just half an hour of the announcement.
What's particularly exciting is the integration of the TON-built Web3 wallet, which was initially available as a standalone bot within Telegram and has already garnered 3 million registered users. This wallet will soon be accessible to Telegram's massive user base of 800 million people through their settings. Furthermore, a self-custodial version named TON Space is in the works and will be introduced to Telegram users worldwide, with the rollout expected to be completed by November, according to the TON Foundation.
Telegram's Chief Investment Officer, John Hyman, emphasized the significance of this move, stating, "We are empowering our entire user base with digital ownership rights while providing TON projects with unparalleled access to our extensive audience. This marks a monumental Web3/Web2 partnership."
Telegram, a platform beloved by the crypto community, has a history intertwined with blockchain technology dating back to its inception as an internal project in 2018. While it faced legal challenges from the U.S. Securities and Exchange Commission (SEC) in 2020, the project found new life in the form of the TON Foundation, a community-driven initiative determined to keep the project alive. The development of this spinoff network continued, with many of its most noteworthy achievements unfolding within the Telegram ecosystem.
Despite this close relationship, it's important to note that TON will maintain its status as a "completely separate decentralized organization," as confirmed by John Hyman. Telegram remains committed to its primary mission of delivering a stellar messaging platform and is not pivoting into Web3. However, it recognizes the value that Web3 brings to its users.
Toncoin has now become the 11th largest cryptocurrency with a market capitalization of approximately $6.6 billion, based on data from CoinMarketCap. Its recent surge of 13% in the past 24 hours has pushed its value to $1.91, signaling growing enthusiasm in response to Telegram's Web3 endorsement.