Popular instant messaging application Telegram Messenger has integrated the TON Space cryptocurrency wallet based on The Open Network (TON) into its platform. The cryptocurrency wallet will be available to Telegram users globally starting from November. Following this development, the price of TON, the service token of TON, skyrocketed.
Integration of TON Space into Telegram Boosts TON’s Price
Telegram has announced that it has integrated TON Space, a self-storage cryptocurrency wallet based on TON, into its platform, offering this feature to its over 800 million monthly active users. According to a statement from the TON Foundation, users can access the cryptocurrency wallet named TON Space through the Settings option of the messaging application.
Starting today, all users of Telegram Wallet, a bot that allows users to buy and sell cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH), can access TON Space. From November onwards, all Telegram users worldwide, except for the United States and some other countries, will be able to access and use the self-storage cryptocurrency wallet.
Integration of TON Space into Telegram has caused the price of TON to rise. TON’s price increased by over 13% and reached $1.95.
Telegram Forced to Distance Itself from TON Due to SEC Pressure
Telegram had to discontinue its support for TON and exclude it from its system after directly developing it for over two years due to a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in 2020. The SEC filed a lawsuit against Telegram in 2019, alleging that it raised $1.7 billion through an ICO using a token called Grams, which it claimed to be an unregistered security.
To resolve the issue, Telegram refunded unused investor funds and reached a settlement by paying an $18.5 million fine to the SEC. Since 2020, TON has been developed as an open-source community project.
Furthermore, the TON Space wallet now serves as a new infrastructure layer for the TON ecosystem. The TON Foundation stated that it will have priority access to Telegram Ads, a global advertising platform for Telegram’s TON projects and partners, as part of its launch. John Hyman, Telegram’s Chief Investment Officer, stated, “Telegram’s mission has always been to ensure freedom of expression, but speech is much more in this digital age. We believe that users have the right to own their identities and assets. With TON Space, users now have the technology to facilitate this.” He added, “Through this partnership, we are giving digital property rights to our entire user base. At the same time, we are providing tools for TON projects to reach our audience in the largest Web3/Web2 collaboration to date.”
