Telegram Returns to Crypto with the Launch of TON Space
Telegram has made a comeback in the crypto space by launching TON Space, its own self-custodial crypto wallet. This move comes after a three-year hiatus caused by regulatory challenges, but with the relaxation of regulatory pressures in the US, Telegram is back in action. Despite the proactive stance of the SEC, Telegram’s plan to launch TON Space this year is a bold step that could potentially strengthen its user base. The news of the launch immediately caused a 13% surge in TON’s price.
Even Messaging Apps Embrace Crypto
The launch of TON Space signifies Telegram’s return to the crypto world. Available to Telegram’s 800 million users, TON Space also offers priority access to Telegram Ads for projects built on TON. This wallet feature will roll out globally in November, with the exception of the US and some other countries.
Telegram’s Fear of SEC Led to TON’s Abandonment
In 2020, Telegram abandoned TON due to a lawsuit from the SEC. TON was intended to facilitate cryptocurrency transactions within the messaging app. However, Telegram settled with the SEC over allegations of an unregistered securities offering. Telegram had already started returning funds to users who had invested in the project.
Telegram’s Focus on Messaging and Crypto Integration
Telegram is now working towards integrating crypto into its messaging app, allowing users to send and receive cryptocurrencies. Despite regulatory challenges, Telegram has doubled its user base to around 800 million since the TON setback. The launch of TON Space highlights the importance of incorporating crypto assets into mainstream platforms.
Hot Take: Telegram’s Return to Crypto Indicates Growing Interest
The return of Telegram to the crypto space with the launch of TON Space demonstrates a growing interest in integrating cryptocurrencies into mainstream platforms. With the relaxation of regulatory pressures and the popularity of cryptocurrencies on the rise, Telegram’s move could be a game-changer. By providing a self-custodial crypto wallet and prioritized access to Telegram Ads, Telegram aims to strengthen its user base and further establish itself as a major player in the crypto industry.
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