The TON Foundation Partners with Telegram to Launch Self-Custodial Crypto Wallet
The Open Network Foundation (TON Foundation) has announced a partnership with messaging app Telegram to launch a self-custodial crypto wallet for the chat platform’s users. The wallet, called TON Space, is now available to Telegram’s approximately 800 million users. In addition, projects built on TON will receive priority access to Telegram Ads, the messaging app’s advertising platform. The wallet feature can currently be accessed in Telegram’s settings, with a global rollout planned for November, excluding the U.S. and certain other countries. Telegram had previously abandoned TON in 2020 due to a lawsuit from the U.S. Securities and Exchange Commission (SEC) over its initial coin offering (ICO). Telegram settled with the SEC, returning funds to investors and paying an $18.5 million fine.
TON’s Ambitions for Monetizing the Messaging App
Similar to Elon Musk’s vision for Twitter, Telegram co-founder Pavel Durov originally intended TON to enable crypto transactions within chats and monetize the messaging app. However, in a 2020 blog post, Durov announced that Telegram’s active involvement with TON was over. This recent partnership with the TON Foundation indicates a change in direction for Telegram. Community organizations such as FreeTon, NewTON, and the TON Chinese Community emerged to continue the development of TON. Telegram’s Chief Investment Officer, John Hyman, stated that giving users ownership of their identities and assets aligns with the company’s commitment to free speech. Last week, the TON Foundation settled in Switzerland and is now registered as a nonprofit organization.
Expanding User Base and Mass Adoption
Telegram, which had around 400 million users at the time it withdrew from TON’s development, has since doubled its user base and is currently one of the top 10 most downloaded apps worldwide. The TON Foundation aims to provide a user experience similar to popular social applications like Telegram and invites builders to join its journey to mass adoption. The partnership with Telegram brings TON closer to its original goals and strengthens its position in the crypto industry.
Hot Take: Telegram and TON Reunite to Bring Self-Custodial Crypto Wallets to Millions of Users
The collaboration between Telegram and the TON Foundation to launch a self-custodial crypto wallet marks a significant development for both entities. Telegram’s decision to partner with TON indicates a renewed interest in exploring the potential of cryptocurrency and blockchain technology. By offering users ownership of their identities and assets, Telegram aligns with its commitment to freedom of speech. Furthermore, TON’s settlement in Switzerland as a nonprofit organization demonstrates its commitment to establishing a solid foundation for future growth and adoption. With Telegram’s massive user base and TON’s innovative wallet solution, this partnership has the potential to drive widespread adoption of cryptocurrencies and contribute to the evolution of the crypto industry as a whole.
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