Telegram Introduces Self-Custodial Crypto Wallet Globally

Telegram launches global (except the US) self-custodial crypto wallet for millions of users

Telegram, the popular messaging app with 800 million monthly active users has finally unveiled a crypto wallet, nearly three years after it first revealed plans to build a Web3 ecosystem. This move aims to strengthen its position within the thriving crypto community that has evolved from its chat platform, potentially serving as a catalyst to introduce a broader audience to the world of cryptocurrencies. The wallet's debut occurred at the ongoing Token2049 event held in Singapore, where Telegram and TON Foundation jointly announced the new self-custodial wallet, called TON Space, which boasts more than 10,000 attendees. 

Following the FTX incident, the cryptocurrency community has experienced a significant shift in perspective. There is now a heightened awareness of the importance of self-custodial wallets compared to centralized alternatives, where users lack control over their digital assets. Notably, it's essential to clarify that the wallet in question was not developed by Telegram itself. The joint announcement surrounding the wallet underscores the intricate history of Telegram's involvement with blockchain technology.

In 2020, Telegram made the decision to halt its ambitious Telegram Open Network (TON) blockchain project. This decision came as a response to legal challenges and regulatory issues the company faced. The U.S. Securities and Exchange Commission (SEC) took legal action against Telegram, alleging that their initial coin offering (ICO) had violated securities laws.

Telegram's TON project garnered significant attention in the cryptocurrency and blockchain space due to its ambitious goals, including the creation of a decentralized blockchain platform and its associated cryptocurrency called "Gram." The ICO for Gram tokens was intended to raise funds for the development of the TON network.

However, the SEC raised concerns about the ICO, arguing that it constituted the sale of unregistered securities. Telegram and the SEC engaged in a legal battle, which ultimately led to Telegram abandoning the TON project to settle the charges brought against them.

As a result, the TON blockchain project was discontinued, and the funds raised through the ICO were returned to investors as part of the settlement. This development had a significant impact on the cryptocurrency industry and highlighted the regulatory challenges faced by blockchain projects and ICOs in the United States.

The wallet is the brainchild of a company called The Open Platform (TOP), which includes a wallet development team and a venture-building division, the TOP Labs, that works closely with the TON ecosystem and has a portfolio of TON-based apps. It is currently accessible to Telegram's extensive user base of 800 million individuals worldwide. The seamless integration of the TON wallet within the Telegram platform led to a significant uptick in the price of Toncoin, with its value surging by nearly 14% upon the announcement.

TON cryptocurrency experienced a key moment when it established strong support at the $1.6 price level. This support acted as a pivotal point, enabling TON to surpass the $1.8 resistance level, which has now transitioned into a solid support level. Furthermore, today's trading session witnessed the upper wick breaking beyond the $1.9 resistance level, indicating substantial price gains. Based on this momentum, it is highly likely that TON will reach the $2 price level in the near future.