After four years, Telegram finally has a built-in crypto wallet.
The widely-used messaging application Telegram has finally unveiled its much-anticipated crypto wallet.
This development was announced by the company's representative at the ongoing Token2049 conference in Singapore on September 13th.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Ethereum Classic & ETC Coin? (Animated Explainer)
The much-anticipated crypto wallet is built on The Open Network (TON) blockchain and aims to serve Telegram's global user base, which currently stands at 800 million.
As a perk for the TON blockchain, Telegram Ads will prioritize projects developed on this blockchain for their advertising platform. The wallet feature can be accessed within the Telegram settings, with plans for a global rollout in November. However, users in the United States and certain other countries will be excluded from this rollout.
The excitement surrounding the new rollout can be noticed in the rise in Toncoin (TON) price. Following the announcement, the price skyrocketed by almost 12% and currently retails for $1.94.
It is noteworthy that Telegram initially intended to integrate a TON-based crypto wallet in 2019. However, those plans were canceled after the US Securities and Exchange Commission (SEC) initiated legal action against Telegram, alleging its $1.7 billion Initial Coin Offering (ICO) was an unregistered securities offering.
After settling with the SEC, which included an $18.5 million fine and an agreement to refund investors, Telegram has renewed its alliance with the TON Foundation.
This new partnership will solidify the Web3 infrastructure on Telegram’s platform. It aims to solve common onboarding issues in the crypto world, making it easier for Telegram’s vast user base to venture into the realm of cryptocurrencies. The collaboration marks a crucial step in expanding Telegram's functionalities and promoting broader crypto adoption.
