In a recent announcement, Telegram, the widely-used messaging app with a staggering user base of 800 million monthly active users, has introduced TON Space, a self-custodial cryptocurrency wallet.
Effective immediately, Telegram Wallet users can seamlessly access TON Space, as reported. The Telegram Wallet, a bot designed to facilitate cryptocurrency transactions, serves as the entry point to this self-custodial wallet.
Global access to TON Space is scheduled to launch in November, extending beyond the United States and select countries. This release represents the culmination of extensive development efforts that trace back to Telegram’s ambitious TON project inception in 2018.
This development comes at a time when the United States is navigating evolving regulatory sentiments, particularly with the Securities and Exchange Commission (SEC) grappling with the rising popularity of cryptocurrencies, amid ongoing legal battles like Ripple vs. SEC.
Overcoming Regulatory Challenges: Telegram’s entry into the crypto space was marked by substantial hurdles, with the TON project facing a halt in 2020 due to legal issues involving the SEC. In 2019, the SEC filed a lawsuit against Telegram, alleging that the Grams token, used to raise $1.7 billion through an initial coin offering (ICO), held an unregistered security status.
To resolve the matter with the SEC, Telegram refunded unused investor funds and paid a $18.5 million fine. Subsequently, TON continued as an open-source community project.
As part of the TON Space launch, Telegram will prioritize access for TON projects and partners on its global advertising platform, Telegram Ads. This strategic maneuver aims to nurture the growth of the TON ecosystem and provide support for its ongoing development efforts.
In response to this news, the price of Toncoin (TON) experienced a 14% surge in a single day, reaching a trading value of $1.92 at the time of writing.