The Open Network Foundation Partners with Telegram to Launch Self-Custodial Crypto Wallet

The Open Network Foundation Partners with Telegram to Launch Self-Custodial Crypto Wallet

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The Open Network Foundation (TON Foundation) has announced a partnership with messaging app Telegram to launch a self-custodial crypto wallet for Telegram users. The TON Foundation’s wallet, called TON Space, is now available to Telegram’s approximately 800 million users. This partnership also grants priority access to Telegram Ads for projects built on the TON platform.

The TON wallet feature can be accessed in Telegram’s settings, and a global rollout is scheduled for November, with the exception of the United States and some other countries. TON, a proof-of-stake blockchain platform, was originally developed Telegram but was abandoned following a lawsuit from the United States Securities and Exchange Commission (SEC) in 2019.

Telegram settled with the SEC, returning funds to investors and paying a fine, effectively ending their involvement with TON. Telegram co-founder Pavel Durov initially envisioned TON as a way to send crypto within chats and monetize the messaging app. However, after severing ties with TON, Durov warned against unauthorized crypto projects using TON’s name and technology.

The TON Foundation and community organizations such as FreeTon, NewTON, and the TON Chinese Community continued to support the development of TON. Telegram’s Chief Investment Officer, John Hyman, believes that giving users ownership of their identities and assets aligns with the company’s commitment to freedom of speech.

The TON Foundation recently settled in Switzerland and is now registered as a nonprofit organization. Steve Yun, President of TON Foundation, highlighted the synergy between TON and Telegram’s collaboration, emphasizing the goal of mass adoption and an intuitive user experience.

Since Telegram withdrew from TON’s development, the app’s user base has grown significantly, reaching 800 million users. Telegram remains one of the top 10 most downloaded apps globally.

Source: This article is based on a news article from CoinDesk.