Introduction
Telegram has finally released its long-awaited cryptocurrency wallet, developed on the TON blockchain. The wallet was unveiled during the Token2049 event in Singapore and is now available to all of Telegram's 800 million users worldwide.
Boost in TON coin price
The announcement of the crypto wallet integration caused a surge in the price of the TON coin, increasing by approximately 7%. This news has sparked excitement among investors and cryptocurrency enthusiasts.
Special benefits for TON blockchain projects
The TON Foundation has announced that projects built on the TON blockchain will receive priority access to Telegram's advertising platform, Telegram Ads. This provides an incentive for developers to create innovative applications and services on the TON blockchain.
Rollout and exclusions
The wallet feature is currently available in the settings of the Telegram app, and the global rollout is set to begin in November of this year. However, users in the United States and a few other countries will be excluded due to regulatory reasons.
History of the integration
Telegram initially planned to integrate a TON-based crypto wallet back in 2019, but the project faced setbacks after the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Telegram for its unregistered securities offering. The platform ultimately settled with the SEC, paying a $18.5 million fine and promising to refund investors' unspent funds.
Web3 infrastructure ambitions
With the renewed partnership between Telegram and the TON Foundation, the goal is to build a Web3 infrastructure within the popular messaging platform. This integration aims to streamline onboarding processes and provide all Telegram users with a convenient gateway to the world of cryptocurrencies.
Did you miss our previous article...
https://trendinginthenews.com/crypto-currency/coinbase-confirms-integration-of-lightning-network-to-enable-faster-and-cheaper-bitcoin-transactions
