Telegram is making a comeback by launching TON Space, its self-custodial cryptocurrency wallet. This marks a return to its ambitious crypto project after a three-year break due to regulatory challenges.
The launch coincides with the easing of regulatory pressures in the United States, where the SEC has been trying to control the growing popularity of cryptocurrencies despite ongoing legal battles like Ripple vs. SEC.
Telegram’s decision to launch the wallet this year is bold, considering the SEC’s active stance, and any misstep could affect Telegram’s large user base. However, the news led to an immediate 13% increase in TON’s price.
📣 Major news from #TOKEN2049 – #TON-based @wallet_tg goes live for @telegram's 800 million users, in new integration.
🎉 Let’s celebrate the largest #Web3 onboarding event ever, together! Comment #TONxTelegram, retweet, and scan to get $TON in 2 taps! pic.twitter.com/NyeMz71vbC
— TON 💎 (@ton_blockchain) September 13, 2023
Messaging Apps Embrace Cryptocurrency
Telegram is reentering the cryptocurrency scene with the launch of TON Space after facing regulatory challenges from the SEC for three years. TON Space is now accessible to Telegram’s 800 million users and offers priority access to Telegram Ads for projects built on TON. This wallet feature can be found in Telegram’s settings and will be available worldwide in November, except in the U.S. and some other nations.
Telegram Abandoned TON Due to SEC Concerns
In 2020, Telegram had to abandon its TON project because of a lawsuit from the SEC. TON was supposed to be a blockchain platform that used a proof-of-stake system to allow cryptocurrency transactions in the messaging app. Telegram settled with the SEC over accusations of conducting an unregistered securities offering that raised $1.7 billion through Grams tokens.
Telegram had promised to refund the money if TON didn’t launch, and they had already started returning funds to users.
Telegram Now Offers Crypto Alongside Messages
Sending cryptocurrency through messaging apps will soon be a reality in many countries, except the U.S. Telegram’s partnership with the Open Network Foundation shows their renewed commitment to digital ownership rights and freedom of speech.
Although Telegram stepped away from TON in 2020, various community organizations like FreeTon, NewTON, and the TON Chinese Community continued similar projects. The TON Foundation has recently established itself in Switzerland as a registered nonprofit.
Many believe Telegram is taking inspiration from Elon Musk’s multifaceted platform, X. It’s worth noting that Telegram’s co-founder, Pavel Durov, originally conceived TON to integrate cryptocurrency transactions into chats and monetize the app.
Despite facing regulatory challenges, Telegram has seen significant user growth, with its user base doubling to around 800 million since the TON setback. Telegram’s introduction of TON Space highlights the importance of integrating cryptocurrency assets into mainstream platforms.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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