Telegram Introduces Cryptocurrency Wallet on TON Blockchain

MetaversePlanet February 13, 2024

0 2 minutes read

Telegram has announced its plans to incorporate a cryptocurrency wallet based on the TON blockchain into the app. This cryptocurrency wallet, set to become accessible to all users globally in November, will however be unavailable in certain countries, including the United States.

Telegram, one of the world’s most widely used instant messaging apps with over 700 million monthly users, has officially entered the cryptocurrency community. At the “Token2049” event held in Singapore, Telegram revealed its collaboration with the Ton Foundation, leading to the development of a cryptocurrency wallet. This wallet is expected to be globally available in the coming months.

Considering the active use of the platform by cryptocurrency investors, the decision to build the crypto wallet on the TON blockchain was a strategic one. Telegram had previously announced such a project years ago, but disagreements with the US Securities and Exchange Commission (SEC) forced the company to delay its plans. Now, it appears those issues have been resolved.

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The crypto wallet on Telegram will not be available in some countries, such as the US

A notable aspect of Telegram’s cryptocurrency wallet feature is that it will not be accessible in certain countries, including the US.

This restriction stems from the US’s recent “obsession” with cryptocurrency markets. Given the lawsuits filed against major exchanges like Binance and Coinbase, Telegram appears to have made this decision to avoid putting itself at risk.

What will it do?

Kazan, Russia – Nov 14, 2021: The Open Network is a blockchain-based decentralized computer network technology. Smartphone with the TON logo on the screen in hand on the background of Telegram logos.

You might wonder why an instant messaging app would incorporate support for a crypto wallet. Telegram hosts some of the largest cryptocurrency communities globally. This integration will enable users to transfer cryptocurrencies swiftly.

Moreover, crypto assets purchased can be stored in this wallet. With this initiative, Telegram aims to reinforce its position in the industry.

Telegram integration has had a positive impact on Toncoin (TON) prices

The integration by Telegram has positively impacted Toncoin (TON), the native currency of the TON blockchain. TON, which was trading at $1.78 before the announcement, climbed to $1.95, marking an increase of approximately 11 percent upon the news release.

At a time when Bitcoin appears stagnant, this surge has brought smiles to the faces of TON investors.

This content should not be regarded as investment advice.