Telegram's TON Wallet Unveiled

After nearly three long years of anticipation since its initial announcement regarding the development of a cutting-edge Web3 ecosystem, the widely embraced messaging application, none other than Telegram itself, has at long last taken the wraps off its highly anticipated cryptocurrency wallet. This momentous revelation occurred in the midst of the ongoing Token2049 event held in the vibrant city-state of Singapore.

Telegram introduces integration of a self-custody wallet based on TON technology. Source: X

This crypto wallet, a remarkable feat of technological innovation, operates seamlessly on the blockchain infrastructure known as TheOpen Network (TON). And now, with an air of excitement, it is made available to Telegram's extensive and ever-growing user base, which proudly stands at a staggering 800 million individuals worldwide. It is worth noting that the unveiling of this wallet brought with it a remarkable surge in the value of the TON coin, marking an impressive gain of nearly 7% on the announcement, an occurrence that certainly turned more than a few heads in the crypto community.

Surge in TON's value following the integration of the wallet. Source: TradingView

In a strategic move to further cement its position in the crypto landscape, the TON Foundation has made it clear that projects leveraging the capabilities of the TON blockchain will be granted an elevated level of priority access to Telegram Ads, the messaging app's thriving advertising platform. As for the wallet feature, it currently resides discreetly within the settings of the application, with a comprehensive global rollout slated to commence in November later this year. This global launch, however, will come with a caveat, as it will exclude the United States and a select group of other countries, for reasons not entirely clear at this juncture.

Currently, there is an available option for the Crypto Wallet in Telegram's settings. Source: X

It's worth taking a trip down memory lane to recall that Telegram had initially set its sights on integrating a TON-based cryptocurrency wallet as far back as 2019. However, the journey was fraught with obstacles, as the messaging app found itself forced to sever its ties with the blockchain foundation in the tumultuous year of 2020. This unfortunate turn of events came about as a result of legal actions taken by the formidable U.S. Securities and Exchange Commission (SEC). The SEC, in response to Telegram's ambitious $1.7 billion initial coin offering (ICO), levied a lawsuit, categorizing it as unregistered securities. To bring an end to this legal dispute, Telegram ultimately reached a settlement with the SEC, agreeing to a substantial fine amounting to $18.5 million and, perhaps more significantly, committing to the repayment of investors for any unutilized funds, a measure that was seen as a step towards restitution.

With the renewed spirit of collaboration between the two entities, the TON Foundation is now embarking on an exciting journey to construct the Web3 infrastructure within the confines of the wildly popular messaging platform. The visionary creators behind this ambitious project hold high hopes that it will effectively address the persistent onboarding challenges that have been an obstacle to the broader adoption of cryptocurrencies, ultimately creating an accessible gateway to the world of digital assets for all Telegram users. This marks an exciting chapter in the evolution of both Telegram and the broader cryptocurrency ecosystem.