Blockchain News

Telegram Makes Crypto Accessible to its 800M Users with TON Space Wallet Integration

The move comes as regulatory pressures ease in the United States, where the SEC has been grappling with the rising popularity of cryptocurrencies despite ongoing legal battles like Ripple vs. SEC.

TON Space Wallet Launch

Telegram, the widely-used messaging app, has unveiled TON Space, a self-custodial crypto wallet, to its vast user base of 800 million monthly active users.

Effective immediately, Telegram Wallet users can access TON Space, as per reports. Telegram Wallet, a bot facilitating cryptocurrency transactions, will offer users the gateway to this self-custodial wallet.

Global access to TON Space is slated to commence in November, with users outside the United States and select other countries gaining access. The release marks the culmination of extensive development efforts, which initially began with Telegram's ambitious TON project in 2018.

This move comes at a time when the United States is experiencing a shift in regulatory sentiment, with the SEC grappling to curb the surging popularity of cryptocurrencies, despite ongoing legal battles like Ripple vs. SEC.

Regulatory Challenges Overcome

Telegram's foray into the crypto space faced significant setbacks, with its TON project halted in 2020 due to legal woes involving the U.S. Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Telegram in 2019, alleging the unregistered security status of the Grams token, which Telegram used to raise $1.7 billion through an initial coin offering (ICO).

As part of its resolution with the SEC, Telegram settled by refunding unused investor funds and paying a $18.5 million fine. Subsequently, TON continued as an open-source community project.

As part of the TON Space launch, Telegram will grant priority access to TON projects and partners for its Telegram Ads global advertising platform. This strategic move aims to foster the growth of the TON ecosystem and support its development efforts.

In reaction to the news, the price of Toncoin (TON) rose by 14% in a day, trading at $1.92 as of writing. 

Toncoin 24hr price chart (Source: CoinMarketCap)

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