Telegram selects TON blockchain for its Web3 ecosystem once again

Telegram Chooses TON Blockchain Again for Web3 Project

Telegram, the popular messaging app in the crypto-community, has once again selected the TON blockchain for its Web3 project. This decision has led to a price increase in Toncoin (TON) in the past 24 hours.

Telegram’s Continued Relationship with TON Blockchain

Telegram has reaffirmed its support for the TON blockchain by choosing it for its Web3 infrastructure. The development of the TON blockchain began in 2018 when Telegram raised $1.7 billion. However, in 2020, the project had to be abandoned due to legal action from the US Securities and Exchange Commission. Nonetheless, the TON Foundation was created to continue the project, and Telegram has remained associated with TON.

Toncoin Price Pump Due to Telegram’s Web3 Initiative

The news of Toncoin being chosen for Telegram’s Web3 projects has caused a price pump for the cryptocurrency. At the time of writing, TON has increased by 13.8% in the past 24 hours, with a current price of $1.93. Toncoin is currently the 11th largest cryptocurrency with a market cap of over $6.6 billion.

Integration of Auto-Custodial Wallet in Telegram

Telegram’s TON-based Wallet has announced the integration of the TON SPACE self-custodial version, allowing users to access it directly from Telegram’s menu. This integration enables users to send cryptocurrency as easily as sending instant messages. It is the first time an auto-custodial wallet has been integrated into Telegram’s user interface.

Hot Take: Transforming Telegram to Web3 with Toncoin

Telegram’s decision to choose the TON blockchain for its Web3 project is a significant breakthrough for the industry. It allows crypto use cases to reach a wider audience on Telegram, and the integration of the TON-based Wallet brings digital ownership to the messaging app. This move aligns with Telegram’s mission to enable freedom of speech and gives users the convenience of owning their identities and assets. It also provides TON projects with the tools to reach a large user base through the Web3/Web2 integration.