Popular messaging app Telegram has finally launched a crypto wallet nearly three years after first revealing plans to build a Web3 ecosystem. The wallet was launched during the ongoing Token2049 event in Singapore.
The crypto wallet was developed on TheOpen Network (TON) blockchain and is currently available to 800 million users worldwide. After the TON wallet was integrated into Telegram, the price of the TON coin surged by nearly 7%.
The TON Foundation said projects built on the TON blockchain will have priority access to Telegram Ads, the messaging app’s advertising platform. The wallet feature is currently available in Settings and will begin rolling out globally later this November, excluding the United States and a handful of other countries.
Telegram planned to integrate a TON-based crypto wallet as early as 2019, however, the messaging app had to cut ties with the blockchain in 2020 after the SEC filed a lawsuit against Telegram’s $1.7 billion initial coin offering (ICO) Chain Foundation connections. ) are raised and are deemed to be unregistered securities. The messaging platform settled with the SEC and was fined $18.5 million and promised to return all unspent funds to investors.
related: Telegram Wallet bot supports in-app payments using Bitcoin, USDT and TON
As the two companies reunite, the TON Foundation hopes to build Web3 infrastructure on top of the popular messaging platform. The project’s creators want to end onboarding issues and create an encryption gateway for all Telegram users.
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