Telegram Introduces Self-Custodial Crypto Wallet Globally!

By Doris Ford On Sep 15, 2023

Self-Custodial Crypto Wallet Globally: Telegram, the widely used messaging service that boasts 800 million monthly active users, has at long last introduced a cryptocurrency wallet. This comes close to three years after the company originally disclosed its intentions to create a Web3 ecosystem.

This move has been made with the intention of bolstering its position within the strong cryptocurrency community that has developed from its chat platform. Additionally, it has the ability to act as a catalyst in the process of introducing a wider audience to the world of cryptocurrencies.

At the ongoing Token2049 event in Singapore, which counts more than 10,000 people, the wallet made its premiere. This was done in conjunction with the announcement of a new self-custodial wallet dubbed TON Space, which was made jointly by Telegram and the TON Foundation.

A substantial paradigm change has taken place among the community of Bitcoin users as a direct result of the FTX tragedy. When compared to centralized alternatives, where consumers lack control over their digital assets, there is now a greater understanding of the significance of self-custodial wallets.

These wallets are stored by the user themselves. It is important to make it clear that the wallet in question was not designed by Telegram itself, as this is an important point to note.

The joint release that surrounded the wallet draws attention to the long and complicated history of Telegram’s participation with blockchain technology.

The ambitious Telegram Open Network (TON) blockchain project was canceled by Telegram in the year 2020 after the company took the decision to do so.

This move was made as a reaction to the legal problems and regulatory problems that the company was experiencing.

The United States Securities and Exchange Commission (SEC) filed a lawsuit against Telegram, saying that the company’s initial coin offering (ICO) had violated various regulations pertaining to the sale of securities.

The ambitious ambitions that the TON project of Telegram, which includes the establishment of a decentralized blockchain platform and its associated cryptocurrency dubbed “Gram,” attracted a lot of attention in the cryptocurrency and blockchain field.

The initial coin offering (ICO) for Gram tokens had the purpose of raising capital for the further development of the TON network.

The Securities and Exchange Commission (SEC) expressed worry regarding the initial coin offering (ICO), alleging that it represented the sale of unregistered securities.

A court struggle was fought between Telegram and the SEC, which finally resulted in Telegram giving up on the TON project in order to satisfy the allegations that had been made against them.

As a consequence of this, the TON blockchain project was scrapped, and the money that was raised during the ICO was distributed back to the investors as part of the settlement.

This turn of events had a huge effect on the cryptocurrency sector and brought to light the regulatory obstacles that blockchain projects and initial coin offerings (ICOs) in the United States are up against.

The firm known as The Open Platform (TOP) is responsible for the creation of the wallet. TOP is comprised of a wallet development team as well as a venture-building division known as TOP Labs.

TOP Labs collaborates closely with the TON ecosystem and possesses a portfolio of TON-based applications. It is currently available to Telegram’s enormous user base, which consists of over 800 million people all around the world.

The announcement of the effortless integration of the TON wallet within the Telegram platform led to a large increase in the price of Toncoin, with the value of the cryptocurrency shooting up by around 14% immediately after the release.

The cryptocurrency known as TON went through a significant turning point when it achieved reliable support at the price level of $1.6.

This support functioned as a turning point, which made it possible for TON to break over the $1.8 resistance level, which has since transformed into a reliable support level.

In addition, during today’s trading session, the upper wick broke beyond the $1.9 resistance level, which is indicative of significant price gains. On the basis of this momentum, it is quite likely that the price of TON will reach the level of $2 within the near future.

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