The popular messaging platform Telegram has integrated a cryptocurrency wallet into its service, causing a 11% surge in the price of the associated token, TON. The wallet, developed on TheOpen Network (TON) blockchain, is set to become available to Telegram's global user base of 800 million.
As of today's date, the price of TON fluctuates around $1.93 USD with a 24-hour trading volume of $61,485,489 USD. This marks a significant increase in value and trading activity following the announcement of the wallet integration.
The integration was announced at the ongoing Token2049 event in Singapore, nearly three years after Telegram initially revealed its plans to build a Web3 ecosystem. With this development, projects built on the TON blockchain will be given priority access to Telegram’s advertising platform, Telegram Ads.
Although the wallet feature is currently available in the settings for existing users, a global rollout is expected to begin in November later this year. However, it will exclude the United States and a few other countries due to regulatory concerns.
Telegram's journey to this point has not been without challenges. A planned integration in 2019 was halted when the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram over its $1.7 billion initial coin offering (ICO). The SEC claimed the ICO constituted unregistered securities, leading to an $18.5 million fine for Telegram and a commitment to return any unspent funds to investors.
Despite this setback, the renewed collaboration between Telegram and the TON Foundation is aimed at building the Web3 infrastructure on the messaging platform. The project's creators hope to address onboarding issues and establish a gateway to cryptocurrencies for all Telegram users.
While the integration of the TON wallet represents a significant milestone for Telegram, it also underscores the growing trend of tech companies embracing blockchain technology. As the digital currency market continues to evolve, such moves could potentially offer new avenues for growth and user engagement.
