Telegram, the messaging app that also caters to the crypto-community, has again chosen the TON blockchain for its Web3 infrastructure.
With this news, the price of Toncoin (TON) has seen a pump in the past 24 hours.
Summary
Telegram chooses again the TON blockchain for its Web3 project
Telegram has again spoken out about the blockchain behind Toncoin (TON), this time choosing it for its Web3 project.
In practice, the messaging app, which is also popular among the crypto-community, appears to have approved the TON network as the blockchain of its choice for its Web3 infrastructure.
This statement reopens the long-standing relationship between Telegram and TON. And indeed, it was 2018 when Telegram itself began developing the TON blockchain, in part through a fundraising effort of about $1.7 billion.
Soon after, though, in 2020, Telegram had to abandon the project, announcing the permanent shutdown of its TON blockchain testnet.
The problem was the intervention of the US Securities and Exchange Commission or SEC, which allegedly took legal action against Telegram because it claimed it was selling unregistered securities.
Despite Telegram’s forced abandonment, the project was then taken over the following year by members of its community who created the TON Foundation.
Since then, Telegram has nonetheless remained associated with TON, including it in its projects. Such as Telegram Premium, the messaging app’s 3, 6, or 12-month subscription service that, from March 2023, can be purchased with Toncoin, via the non-custodial crypto-wallet Tonkeeper.
Telegram’s Web3 initiative chooses Toncoin: the crypto TON sees a price pump
The present news of the choice of Toncoin for Telegram’s Web3 projects caused the crypto TON to register a price pump in the past 24 hours.
At the time of writing, TON is pumping +13.8% from yesterday, with the price rising from $1.68 to the current $1.93.
Toncoin is currently the 11th largest crypto by market capitalization, with a total market cap of more than $6.6 billion.
TON’s transaction trading volume has also increased by an impressive +101% in the past 24 hours.
The first auto-custodial wallet integration in Telegram
TON-based Wallet, the Web3 wallet in Telegram, announced the TON SPACE self-custodial version, bringing digital ownership on the blockchain to the messaging app.
Basically, from November 2023, all existing users and new entrants to the Wallet, except for residents in the US, will be able to access it, directly from Telegram’s menu.
This is the ability to send crypto as easily as sending instant messages on the app. This is the first time an auto-custodial wallet has been integrated into Telegram’s user interface.
In this regard, Steve Yun, president of TON Foundation said:
“Together, we are transforming Telegram to Web3 with Toncoin. This is a critical breakthrough for our entire industry. On Telegram, crypto use cases will finally be able to find their users.
TON ecosystem strives to provide a simple and intuitive user experience akin to that of popular social applications, like Telegram. Sharing the same DNA, we invite all builders to join our journey to mass adoption.”
John Hyman, Telegram’s Chief Investment Officer, also commented as follows:
“Telegram’s mission has always been to enable freedom of speech, but speech is so much more in this digital age. We believe users have the right to own their identities and assets. With TON Space, users now have the technology to make that convenient.
With this announcement, we are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 integration there has ever been.”
