In a significant move within the world of cryptocurrencies and blockchain technology, the popular messaging app Telegram has officially endorsed the TON network as its preferred choice for Web3 infrastructure. This endorsement has set off a chain reaction in the crypto market, with TON’s native token, Toncoin (TON), experiencing a remarkable surge of 6.5% in just 30 minutes after the news broke.
Telegram’s Embrace of TON
Telegram has made a strategic decision to integrate the TON network into its messaging app’s user interface, solidifying its commitment to the Web3 ecosystem. The TON-built Web3 wallet, already available as a standalone bot on Telegram with a user base of 3 million, is set to be seamlessly integrated into the app, becoming accessible to all of Telegram’s massive user base, which currently stands at a staggering 800 million users. Additionally, a self-custodial version known as TON Space will be rolled out to Telegram users outside the United States. The rollout is expected to be completed by November, according to the TON Foundation.
John Hyman, Telegram’s Chief Investment Officer, expressed the company’s vision for this integration, stating, “We are putting digital ownership rights in the hands of our entire user base. While also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”
A History of Blockchain in Telegram
Telegram’s journey into the world of blockchain technology has been a tumultuous one. It began as an internal project in 2018 but faced legal challenges in August 2020 when the U.S. Securities and Exchange Commission (SEC) alleged that Telegram was selling unregistered securities. This led to the suspension of development. However, the project was later resurrected by members of the crypto community, who established the TON Foundation to ensure its continuity. Throughout this journey, Telegram remained closely associated with TON, with many of the network’s significant developments taking place on the Telegram platform.
A Decentralized Future
Despite this endorsement and integration, it’s important to note that TON will remain a “completely separate decentralized organization,” as emphasized by John Hyman. Telegram’s primary focus will continue to be providing an exceptional messenger platform, with no plans to transition into the broader Web3 space. However, this move underscores Telegram’s recognition of the value that Web3 technology brings to its user base.
Toncoin’s Surge
Toncoin, the native token of the TON network, has seen a remarkable surge in response to this endorsement. As of now, it ranks as the 11th largest cryptocurrency with a market capitalization of approximately $6.6 billion. In the past 24 hours, Toncoin’s value has surged by 13%, reaching $1.91.
Conclusion
Telegram’s endorsement of the TON network represents a significant milestone in the integration of Web3 technology into mainstream platforms. As these two entities collaborate, users can expect enhanced access to decentralized services and digital ownership rights, ushering in a new era of innovation within the crypto and blockchain space. Toncoin’s recent surge highlights the market’s enthusiasm for this partnership and the potential it holds for the future of blockchain technology.
