Telegram Messenger has announced its integration of the Open Network-based self-custodial crypto wallet, TON Space.
Shortly after the strategic partnership made the news, the price of Toncoin (TON) soared by double digits.
TON Space Integrates with Telegram
TON Space, built on The Open Network (TON), TON Foundation’s decentralized blockchain, is now integrated with Telegram. This enables Telegram Wallet users to access the newly integrated TON Space, conveniently accessible through the messenger’s settings. Starting in November, this integration will be available to Telegram users worldwide, except for the US and select other countries.
— TON 💎 (@ton_blockchain) September 13, 2023
The road to this integration has been a hard one for Telegram and the TON Foundation. In 2020, Telegram had to abandon its ambitious project after dedicating more than two years to its development. The initiative was derailed by a lawsuit filed by the US Securities and Exchange Commission (SEC), which alleged that Telegram had conducted an unregistered security offering, raising $1.7 billion through the sale of Grams tokens.
To resolve the SEC’s concerns, Telegram settled the lawsuit by refunding unused investor funds and paying a substantial $18.5 million fine. Subsequently, TON has evolved into an open-source community project, with the integration of TON Space as a testament to its enduring vision.
TON Space now serves as an important part of the TON ecosystem, offering a secure and user-friendly self-custodial wallet. Along with this launch, Telegram announced priority access for TON projects and partners to its global advertising platform, Telegram Ads.
TON’s 13% Price Surge
The integration of TON Space has sent Toncoin (TON) on a new trajectory, with its price currently standing at $1.92, representing a 13.29% increase in the last 24 hours, according to CoinGecko data. At one point, the asset had tapped $2 after soaring by more than 15%.
Telegram’s Chief Investment Officer, John Hyman, has affirmed the platform’s dedication to empowering users in the digital era. He expressed that Telegram’s mission has always revolved around enabling freedom of speech, but in today’s digital age, speech encompasses much more.
Telegram believes users should have the autonomy to control their identities and assets. This vision is realized through TON Space, which provides users with convenient technology for achieving this.
Hyman also emphasized the partnership’s significance by highlighting that it grants digital ownership rights to the entire user base while equipping TON projects with unprecedented tools to connect with the audience, making it the largest Web3/Web2 partnership.