Telegram Gets Crypto Wallet

Crypto News– In a significant development, the Open Network Foundation (TON Foundation) has revealed its partnership with the popular messaging app Telegram. This collaboration brings The Open Network (TON) closer to its original vision, introducing a self-custodial crypto wallet for Telegram’s vast user base.

Telegram Gets Crypto Wallet

The TON Foundation proudly presents TON Space, its self-custodial digital wallet, now available to approximately 800 million Telegram users. Furthermore, the Foundation announces that projects built on TON will receive preferential access to Telegram Ads, the messaging app’s advertising platform. Users can find the wallet feature in Telegram’s settings, with a global rollout scheduled for November, excluding certain regions, including the United States.

Telegram Finally Launches Crypto Wallet After a Three-Year SEC Delay

TON, a proof-of-stake blockchain platform, faced a setback in 2020 when Telegram decided to discontinue its involvement. Despite over two-and-a-half years of development, Telegram’s participation was curtailed due to a legal dispute with the United States Securities and Exchange Commission (SEC).

The SEC initiated a lawsuit against Telegram in 2019 concerning the $1.7 billion raised during the project’s initial coin offering (ICO) involving Grams tokens. Telegram settled with the SEC, refunding unspent investor funds and paying an $18.5 million fine. In a 2020 blog post, Telegram’s founder Pavel Durov officially declared the end of Telegram’s active engagement with TON.

He also cautioned against other crypto projects attempting to capitalize on TON’s name and technology, indicating that Telegram was unlikely to endorse them. Wednesday’s announcement appears to mark a change in direction for the company.