Telegram Teams Up With TON Foundation to Launch TON Space Wallet, TON Soars Over 15%

Key Points:

• Telegram collaborates with the TON Foundation to introduce the TON Space crypto wallet, bringing crypto services to its 800 million users.
• After legal challenges in 2020, this partnership rekindles the TON project’s original vision of a self-sustaining crypto ecosystem.

The TON Foundation has unveiled a groundbreaking partnership with Telegram, announcing the launch of a self-hosted encryption wallet called TON Space for the vast user base, which boasts approximately 800 million users worldwide. This development signals a significant step forward for the TON (The Open Network) project.

TON Space, the newly introduced wallet, is seamlessly integrated into Telegram Messenger, providing users with easy access. The wallet can be found within the settings, making it convenient for users to manage their cryptocurrencies and transactions.

Starting immediately, all Telegram Wallet users can access TON Space. This wallet, essentially a bot, facilitates the buying and selling of cryptocurrencies. However, it’s important to note that starting in November, this self-custodial wallet will be accessible to global users, with the exception of the United States and some other countries due to regulatory considerations.

This partnership marks a significant milestone for TON, which has faced setbacks in the past. In 2020, the app abandoned its TON project following a legal battle with the U.S. Securities and Exchange Commission (SEC).

The SEC sued Telegram in 2019, alleging that it had raised $1.7 billion through an unregistered security token called Grams. To resolve the matter, Telegram settled with the SEC, refunding unused investor funds and paying an $18.5 million fine. Since then, TON has continued as an open-source community project, with various community organizations supporting its vision.

As part of the collaboration, TON projects and partners will gain priority access to the app’s global advertising platform, Telegram Ads. This move has led to a surge in TON’s value, with its token price soaring by more than 15% to reach $1.92.

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