Telegram Integrates Self-Custodial Crypto Wallet
Telegram, the widely used chat application for 800 million monthly active users, has unveiled TON Space, a self-custodial cryptocurrency wallet. This news was announced by Telegram with the TON Foundation during Singapore’s Token2049 crypto conference.
The decision to launch TON Space this year is a daring move, given the ongoing legal battles that the SEC is waging against cryptocurrency projects. Nonetheless, the announcement of the wallet’s release immediately led to a 13% surge in TON’s price.
Developed by the Open Network Foundation, the wallet comes to fruition as part of a multiple-year journey initiated by Telegram’s founders. This journey saw the foundation branch off after Telegram faced a legal battle with the SEC over a substantial initial coin offering.
📣 Major news from #TOKEN2049 – #TON-based @wallet_tg goes live for @telegram's 800 million users, in new integration.
— TON 💎 (@ton_blockchain) September 13, 2023
🎉 Let’s celebrate the largest #Web3 onboarding event ever, together! Comment #TONxTelegram, retweet, and scan to get $TON in 2 taps! pic.twitter.com/NyeMz71vbC
While the global rollout of TON Space is scheduled for November, it will not be accessible in certain regions, including the United States. The U.S. government’s recent stringent stance on cryptocurrencies has resulted in regulatory restrictions and geofencing for users, effectively locking them out of the market.
The introduction of TON Space is poised to have far-reaching implications for Telegram’s user base and the broader crypto community. By seamlessly integrating a self-custodial wallet into its chat application, Telegram seeks to offer its users a secure and user-friendly means of managing their digital assets.
Self-custodial wallets are gaining immense popularity due to their robust security features. Unlike centralized counterparts, where users entrust their private keys to third-party servers, self-custodial wallets place full control of funds in the hands of users. This means users have the sole responsibility of safeguarding their private keys and can access their cryptocurrencies independently without reliance on intermediaries.
The decision to launch TON Space resonates with Telegram’s vision of empowering individuals and fostering financial sovereignty. By providing a self-custodial wallet, Telegram empowers its users with the freedom to manage their digital assets autonomously.
This move also underscores Telegram’s commitment to the crypto community that has blossomed within its chat platform. Over the years, Telegram has evolved into a thriving hub for crypto enthusiasts, hosting numerous groups and channels dedicated to discussing cryptocurrencies, trading strategies, and market trends. With the introduction of a crypto wallet, Telegram further cements its position as the go-to platform for all things crypto.
The unveiling of TON Space coincides with a period of rapid growth and adoption within the crypto industry. Prominent companies like Tesla and PayPal have also recently embraced cryptocurrencies, thrusting them into the mainstream.