Telegram has officially announced its venture into the cryptocurrency space with the introduction of a cryptocurrency wallet based on the TON blockchain integrated into its app. This wallet is slated to be available to all its users globally in November, though it will exclude certain regions, including the United States.
Boasting over 700 million monthly users, Telegram ranks among the top instant messaging apps worldwide. This announcement was made during the “Token2049” event in Singapore, where Telegram disclosed its partnership with the Ton Foundation, leading to the creation of the cryptocurrency wallet. This development is expected to be rolled out globally in the near future.
Opting to base the crypto wallet on the TON blockchain was a strategic move, given the platform’s popularity among cryptocurrency enthusiasts. Telegram had initially envisioned such an initiative years earlier, but faced delays due to legal challenges with the U.S. Securities and Exchange Commission (SEC). It now seems these hurdles have been navigated successfully.
The crypto wallet on Telegram will not be available in some countries, such as the US
A significant detail about Telegram’s cryptocurrency wallet functionality is its unavailability in specific countries, notably the United States. This exclusion is due to the increased scrutiny the U.S. has placed on cryptocurrency markets recently. In light of lawsuits against prominent exchanges such as Binance and Coinbase, Telegram seems to have opted for this route to sidestep potential legal challenges.
What will it do?
You might question the rationale behind an instant messaging application incorporating a crypto wallet. Telegram is home to some of the largest cryptocurrency communities globally. This integration will facilitate swift cryptocurrency transfers among users. Furthermore, crypto assets acquired can be stored within this wallet. Through this endeavor, Telegram seeks to strengthen its standing in the industry.
Telegram integration has had a positive impact on Toncoin (TON) prices
The integration of Telegram has had a favorable effect on Toncoin (TON), the native currency of the TON blockchain. Before the announcement, TON was trading at approximately $1.78, but it experienced a surge to $11.1, an approximate 95 percent increase, following the news release. During a time when Bitcoin is showing stagnation, this notable rise has brought a sense of satisfaction to TON investors.
It’s important to note, this content is not intended as investment advice.
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