Telegram has officially entered the cryptocurrency arena, announcing its integration of a cryptocurrency wallet based on the TON blockchain into its app. This wallet is set to become accessible to all of its users worldwide in November, although it will not be available in certain countries, including the United States.
With over 700 million monthly users, Telegram is one of the world’s most popular instant messaging applications. The announcement was made at the “Token2049” event in Singapore, where Telegram revealed its partnership with the Ton Foundation and the subsequent development of a cryptocurrency wallet as a result of their collaborative efforts. This wallet will be available globally in the coming months.
The decision to build the crypto wallet on the TON blockchain was seen as a logical step, especially considering the active use of the platform by cryptocurrency investors. Telegram had previously planned such a project years ago, but due to legal disputes with the U.S. Securities and Exchange Commission (SEC), the company had to delay its plans. Now, it appears that these obstacles have been overcome.
The crypto wallet on Telegram will not be available in some countries, such as the US
One notable aspect of Telegram’s cryptocurrency wallet feature is that it will not be accessible in certain countries, including the United States. This limitation stems from the heightened focus of the U.S. on cryptocurrency markets in recent times. Given the lawsuits filed against major exchanges like Binance and Coinbase, it appears that Telegram has chosen this path to avoid potential legal risks.
What will it do?
You might wonder why an instant messaging app would include support for a crypto wallet. Telegram hosts some of the world’s largest cryptocurrency communities. This integration will enable users to transfer cryptocurrencies rapidly. Additionally, the crypto assets purchased can be stored in this wallet. Through this initiative, Telegram aims to solidify its position in the industry.
Telegram integration has had a positive impact on Toncoin (TON) prices
The integration of Telegram has positively impacted Toncoin (TON), the native currency of the TON blockchain. Prior to the announcement, TON was trading at around $1.78, but it surged to $11.1, marking an approximate 95 percent increase, upon the news release. In a period where Bitcoin is experiencing stagnation, this significant rise has brought satisfaction to TON investors.
Please note, this content should not be regarded as investment advice.