Discover how Telegram, after nearly three years of planning, has unveiled its cryptocurrency wallet, causing TON Coin's price to surge by 7%.
Dive into the details of how this impacts the Web3 ecosystem, advertising on Telegram, and the controversial history involving a $1.7 billion ICO and the SEC.
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Nearly Three Years into Web3 Plans, Telegram Unveils its Cryptocurrency Wallet
After nearly three years of announcing its initial plans to build a Web3 ecosystem, the popular messaging app Telegram has finally launched its cryptocurrency wallet. The announcement was made at the ongoing Token2049 event in Singapore.
The cryptocurrency wallet is developed on The Open Network (TON) blockchain and is currently available to 8 million users worldwide.
Following its integration into Telegram, the price of TON Coin surged by approximately 7%.
The TON Foundation announced that projects developed on the TON blockchain will gain priority access to Telegram's advertising platform, "Telegram Ads."
The wallet feature is now available in the settings and is slated for global release in November, excluding the United States and some other countries.
Revisiting Telegram's History with the SEC and the $1.7 Billion ICO
Telegram had plans to integrate a TON-based cryptocurrency wallet since 2019.
However, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram, citing its $1.7 billion Initial Coin Offering (ICO) as an unregistered security.
In 2020, Telegram abandoned its blockchain aspirations and severed ties with the TON Foundation, settling with the SEC under terms that included a $18.5 million fine and refunding unused funds to investors.
Partnership Between Telegram and TON Foundation
With the renewed partnership between Telegram and the TON Foundation, the latter aims to build a Web3 infrastructure on the popular messaging platform.
The Foundation is keen on resolving onboarding issues and creating a cryptocurrency gateway for all Telegram users.