In a groundbreaking move, the TON wallet is now accessible to Telegram's massive user base of 800 million people. This development has sparked a sudden surge in the value of the TON token.
The TON crypto, which belongs to the Open Network (TON) Blockchain, witnessed an impressive overnight gain of 12.6%, as reported by CoinGecko. This significant price jump occurred after Telegram supported the TON blockchain for its Web3 initiatives.
During the Token 2049 conference in Singapore on Tuesday, John Hyman, the Chief Investment Officer of Telegram, alongside the TON Blockchain team, officially announced the integration of the TON Web3 wallet into Telegram. As a result, the token's price reached a three-month high of $1.97, with the latest trading value at $1.92.
Notably, the wallet was already available as a standalone bot within Telegram and had gathered 3 million registered users. Now, all 800 million Telegram users can easily access it through their settings.
But that's not all; the teams also introduced the TON Space digital wallet, expanding its reach to Telegram's extensive user base. Telegram also grants exclusive privileges to TON-based projects, giving them preferential access to its advertising platform.
As part of a promotional campaign, the TON team introduced a QR code that allowed users to claim a free TON token valued at $1.92. However, the overwhelming demand caused server issues.
The TON Blockchain team explained that the server struggled due to the "thousands of people onboarding to the Wallet every second," leading them to temporarily suspend the TON giveaway via the public QR code on Twitter.
Telegram initially planned to integrate the TON-based crypto wallet in 2019. However, the messaging app had to sever ties with the blockchain foundation in 2020 after facing a lawsuit from the U.S. Securities and Exchange Commission (SEC) regarding its $1.7-billion initial coin offering (ICO), which the SEC considered an unregistered security. Telegram settled with the SEC, agreeing to an $18.5-million fine and a commitment to refund investors for any unspent funds.
With this renewed partnership, the TON Foundation plans to construct Web3 infrastructure on Telegram. The project's creators aim to solve onboarding issues and provide a gateway to cryptocurrency for all Telegram users.
The TON Foundation has also announced that projects built on the TON blockchain will receive priority access to Telegram's advertising platform, Telegram Ads. The wallet feature is currently available in settings for existing users, and a global rollout is set to begin in November this year, excluding the United States and a few other countries.
Since the FTX incident, the crypto community has recognized the importance of self-custodial wallets over centralized ones, where users have limited control over their digital assets.
Starting in November, TON Space will be accessible to Telegram's global users without requiring wallet registration. This feature extends the existing custodial version of the Telegram wallet, which has already garnered three million registered users.
How Telegram's TON Space is Redefining the Crypto Landscape
In the world of messaging apps, Telegram is undergoing a remarkable transformation, one that is reshaping the crypto landscape. It's turning into what some might call a "super app," following in the footsteps of WeChat.
However, Telegram is taking a unique approach, unlike the Chinese messaging giant, which has its own centralized payment system. Here's how TON wallet telegram integration is making waves in the world of digital assets, all while keeping it simple and decentralized for its users.
Decentralized Payments
Telegram has chosen to walk the path of decentralized payments, a bold move in the world of digital transactions. Instead of creating its own centralized payment solution, it's allowing developers to craft crypto-compatible mini-apps by integrating with the TON Space wallet.
Independence
This wallet is the game-changer. It's not just any wallet; it's a self-custodial one. What does that mean? It means developers can control the flow of digital assets through their projects independently. Imagine this: You want access to a private community, but you need a unique NFT-based key or entry card. You can receive this key right in your wallet with the self-custodial wallet.
Andrew Rogozov, CEO of TOP and former CEO of Russian social media network VK, explained it like this: "Imagine that there is, for example, a private community. And in order to get access to this community, you need to get some sort of NFT-based key, some kind of entry card, and [the user can] receive this in the self-custodial wallet."
Bringing Digital Assets to the Masses
One significant advantage of having a crypto wallet within Telegram is the potential to introduce a substantial number of users, including many unbanked populations in developing countries, to the world of digital assets. This is a significant step towards financial inclusion.
Sure, there are plenty of crypto wallets out there, but they come with their own set of challenges. According to Rogozov, "first of all, you need to create a wallet. And usually, it's a complex procedure, so the conversion to the installation of these wallets is very low… The second problem is that [website-based] wallets don't have distribution." In simple terms, setting up these wallets can be tricky, and not many people use them.
To promote decentralized apps, Telegram is giving priority access to TON projects and partners on its global advertising platform. This move aims to make crypto more accessible to a broader audience.
Is Signal a Competitive Alternative?
Signal, another encrypted chat app, has its crypto payments solution developed by a third-party partner, MobileCoin. While it might seem like Signal and Telegram are competing in the crypto arena, Halil Mirakhmedov, COO of Wallet, the team behind TON Space, believes they attract different users.
He pointed out that "[Signal] doesn't have the platform or the community in order to have a social interaction and social discussion of crypto within its app. Because it's end-to-end encrypted, there's no ability to create a community."
In a nutshell, Telegram's TON integration is changing the way we think about cryptocurrencies, making them more accessible and user-friendly, all within the familiar confines of your favorite messaging app.