Telegram, the popular instant messaging service, has long shown its commitment to blockchain technology. Recently, during the Token2049 event in Singapore, Telegram unveiled its latest project that takes its efforts a step further.
Since its launch on the iOS platform in 2013, Telegram has expanded to all major platforms, including Android, Linux, MacOS, Windows, and smart TVs. It has data centers spread globally, with its operational center based in Dubai. While its servers are closed-source, all official clients are open-source, and the app has gained immense popularity over the years.
The new announcement from Telegram is its plan to launch its own crypto wallet. Running on the Open Network (TON), this wallet aims to provide seamless and secure transactions. It marks Telegram’s entry into the Web3 ecosystem, a long-awaited move for the platform.
Upon the announcement, the value of Toncoin experienced a 7% surge, indicating the positive reception from the market. The TON Foundation also revealed incentives for projects developed on its blockchain, with preferential access to Telegram’s advertising platform. Initially, the wallet will be available only to existing Telegram users, but it is expected to become accessible to all crypto users November, excluding certain countries including the US.
Telegram had started working on this project in 2019 but faced a setback due to a lawsuit filed the US Securities and Exchange Commission (SEC), alleging their Initial Coin Offering (ICO) was an unregistered security. However, after reaching a settlement with the SEC, which included a fine and refunding unspent proceeds to investors, development resumed. Telegram partnered with the TON Foundation to focus on Web3 infrastructure development.
With its wide user base and user-friendly approach, Telegram aims to eliminate barriers and create a messaging platform that combines communication and digital asset management. As the platform reshapes the landscape of crypto integration, many are anticipating its success in this new venture.
Sources:
– Pratik Chadhokar, Indian Forex, Cryptocurrencies and Financial Market Advisor and Analyst
– Telegram’s official announcements and statements.
