TL;DR
- Messaging app Telegram endorsed TON as its blockchain network of choice for Web3 infrastructure, boosting Toncoin’s price by 13%.
- The TON wallet is now accessible to the Telegram messaging app’s 800 million strong user base.
TON Surgest 13% After the Integration of the Crypto Wallet
The native token of The Open Network (TON) Blockchain, TON, witnessed a 12.6% spike overnight. According to our statistics, the token went from $1.6 to $1.9 in just 24 hours, placing itself in the 11th place in the top 10 cryptocurrencies.
The incredible surge was caused by an interesting development of TON’s ecosystem. During the Token2049 conference in Singapore, Telegram’s CIO, John Hyman, declared the official integration of the TON Web3 wallet with Telegram.
The messaging company will work with The Open Network’s team to cover all the points in developing this technology. The wallet, previously accessible as a separate bot in Telegram with 3 million users, will now be extended to the entire user base.
Additionally, the teams unveiled the TON Space digital wallet, broadening its reach to Telegram’s extensive community.
An Early Plan Coming Back
Telegram had ambitions to incorporate a TON-based crypto wallet as far back as 2019. However, after the U.S. Securities and Exchange Commission leveled a lawsuit against Telegram, the company cut ties with the blockchain foundation.
The SEC accused Telegram’s $1.7B initial coin offering of being an unregistered security, making the company unable to continue the blockchain development.
Telegram settled the matter by paying a $18.5 million penalty and committing to refund any unused funds to investors.
With the revived partnership between the entities, the TON Foundation aspires to establish a new Web3 infrastructure on top of the messaging app. The project’s visionaries aim to resolve onboarding challenges and facilitate a seamless entry to crypto for every TG user.
The Rise of Crypto Atop of Telegram
Telegram bots are becoming popular to access cryptocurrency markets and associated services. By early August 2023, the total crypto trading volume via Telegram surpassed $190 million, reaching over $300 million in September.
Recent months have seen a particular uptick in crypto activities executed through Telegram bots. On July 23, daily trading volumes facilities by chatbots peaked at $10 million. Additionally, user statistics soared, with over 10,000 unique users daily.
Similar to typical Telegram bots, those enabled for crypto let users communicate with specific programs. These bots frequently link to peer-to-peer or decentralized crypto exchanges, allowing users to make trades through chatbot commands.
While many don’t consider it a big deal, Telegram has proved to be a very popular platform for crypto exchanges. More and more people have started using it as a simple gate to enter the world of fast crypto transactions, especially after integrating Bitcoin and USDT.
Do you think Telegram can become an alternative crypto hub to perform transactions? In that case, you should start using it as fast as you can…
Julia Zakharchuk
Julia is a professional crypto and blockchain writer known for her insightful YouTube channel "MoneyFest." She showcases her dynamic presentation skills as a host and moderator at blockchain conferences. Julia drives also business development at ChainUp and advises UNITBOX, an innovative NFT renting protocol. With her exceptional expertise, Julia is a highly valued industry contributor and is set to make a lasting impact. We at Coinweb are lucky to have her on board.
