Telegram Gets a Crypto Wallet—3 Years After SEC Pumped the Brakes

Telegram has finally launched a cryptocurrency wallet, three years after the U.S. Securities and Exchange Commission (SEC) halted its plans for an initial coin offering (ICO). The popular messaging app’s new crypto wallet, called Telegram Wallet, is now available to users. This move comes as the crypto market continues to gain momentum and interest from mainstream users. With its SEO friendly description, this article provides the latest updates on Telegram’s long-awaited crypto wallet launch.

TON Foundation Partners with Telegram to Launch Self-Custodial Crypto Wallet

The Open Network Foundation (TON Foundation) and messaging app Telegram have joined forces to bring The Open Network (TON) closer to its original vision. The partnership aims to introduce a self-custodial crypto wallet for Telegram’s 800 million users.

The TON Foundation has announced the launch of TON Space, a self-custodial digital wallet, on Telegram. The wallet feature is currently available in Telegram’s settings and will gradually roll out globally from November, excluding certain countries, including the US.

In addition to the wallet, the Foundation has also revealed that projects built on TON will receive priority access to Telegram’s advertising platform, Telegram Ads. This partnership opens up new opportunities for businesses and organizations leveraging the TON platform.

The Rise and Fall of TON

TON, a proof-of-stake blockchain platform, was initially developed by Telegram but was abandoned in 2020. The project faced a legal battle with the US Securities and Exchange Commission (SEC) over its $1.7 billion initial coin offering (ICO) through the token called Grams. Telegram settled with the SEC, refunding investors and paying an $18.5 million fine.

Despite the setback, Telegram’s co-founder Pavel Durov envisioned TON as a platform for sending crypto within chats and monetizing the messaging app, similar to Elon Musk’s ambitions for Twitter. In a blog post, Durov expressed his disapproval of other crypto projects using TON’s name and technology, but the recent partnership with TON Foundation indicates a change in stance.

TON and Telegram’s Collaboration

Various community organizations emerged after Telegram’s withdrawal from TON’s development, including FreeTon, NewTON, and the TON Chinese Community. These organizations aimed to keep the TON dream alive and foster innovation within the Telegram ecosystem.

Telegram’s Chief Investment Officer, John Hyman, highlighted the importance of digital ownership rights and their alignment with the company’s values of freedom of speech. The partnership with TON Foundation empowers Telegram’s user base by giving them control over their identities and assets.

The TON Foundation recently settled in Switzerland and is now registered as a nonprofit organization. The President of TON Foundation, Steve Yun, emphasized the shared goals and user-centric approach of TON and Telegram’s collaboration. He invited builders and innovators to join their journey toward mass adoption.

Telegram’s Growing User Base

Since Telegram’s withdrawal from TON’s development, the messaging app has experienced significant growth. With close to 800 million users, Telegram is now among the top 10 most downloaded apps globally. The collaboration with TON Foundation will further enhance Telegram’s position in the crypto and blockchain industry.

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