Telegram Launches Self-Custodial Crypto Wallet TON for 800 Million Users

Telegram has launched TON Space, its self-custodial crypto wallet, marking a return to its ambitious crypto project following a three-year hiatus caused by regulatory challenges.

The release of TON Space comes amid the relaxation of regulatory pressures in the United States, where the Securities and Exchange Commission (SEC) has struggled to suppress the growing popularity of cryptocurrencies.

Read on to know more about this exciting development!

Making Strides in the Crypto Space

Telegram’s plan to launch TON Space this year was a bold step, as the SEC is still actively pursuing legal action against cryptocurrency projects. However, the news of the launch immediately surged TON’s price by 13%.

Even Messaging Apps Are Not Shying Away

Ton’s launch signifies that Telegram is getting its foot back in the crypto corridor. After 3 years of SEC setback TON is back into the system. TON Space is now available to Telegram’s 800 million users. It will also grant priority access to Telegram Ads for projects built on TON. This wallet feature is currently in Telegram’s settings and will globally roll out in November, except in the U.S. and some other countries.

A Look Back: Ex-WallStreet Lawyer Warns TON against launching Telegram Blockchain

Telegram‘s Past Struggles with TON

Back in 2020, Telegram had to abandon TON due to a legal battle with the SEC. TON was initially conceived as a proof-of-stake blockchain platform to facilitate cryptocurrency transactions within the messaging app. Telegram ultimately reached a settlement with the SEC regarding alleged unregistered securities offerings that had garnered a substantial $1.7 billion through Grams tokens.

The messaging giant had previously promised to refund users if TON failed to materialize, and it had already commenced the refund process.

Chat While You Use Crypto – It’s Possible Now!

The partnership with the Open Network Foundation underscores Telegram’s renewed commitment to digital ownership rights and the freedom of expression. While Telegram distanced itself from TON in 2020, various community organizations, including FreeTon, NewTON, and the TON Chinese Community, continued to pursue similar projects. The TON Foundation has recently found its home in Switzerland and has obtained nonprofit status.

How does Musk come into the picture?

Many are speculating that Telegram is inspired by Elon Musk’s plans for X as a multifaceted platform. Notably, Telegram’s co-founder Pavel Durov originally conceived TON as a means to integrate cryptocurrency transactions within chats and monetize the app.

Despite regulatory challenges, Telegram has significantly grown its user base, doubling its users to approximately 800 million since the TON setback. Telegram’s introduction of TON Space underscores the importance of integrating crypto assets into mainstream platforms.

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