May 19, 2024

Telegram Launches Crypto Revolution: TON Project Integration Now Fuels Toncoin Surge

In a groundbreaking move, the beloved messaging app, Telegram, has just given its resounding endorsement to the TON network, establishing it as the official blockchain for their Web3 infrastructure. This remarkable decision has sent shockwaves through the crypto world, with Toncoin (TON), the native token of the TON network, surging by a remarkable 6.5% within just 30 minutes of the announcement.

What’s the buzz all about?

Telegram is not merely embracing the TON network; they’re weaving it into the very fabric of their app’s user interface. The TON-built Web3 wallet, which has already been making waves as a standalone bot within Telegram with a staggering 3 million registered users, is now poised to be an integral part of the app. And the best part? All 800 million Telegram users will soon have access to this feature right in their settings. But that’s not all – a self-custodial version named “TON Space” is also set to roll out, offering this innovative functionality to Telegram users around the world, excluding the U.S. The rollout is expected to be completed by November, according to the TON Foundation.

Telegram’s Chief Investment Officer, John Hyman, expressed the profound implications of this move, 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.”

The journey of Telegram

This development is nothing short of astonishing. The relationship between Telegram and the blockchain dates back to 2018 when it began as an internal project. However, legal action from the U.S. Securities and Exchange Commission (SEC) led to the project being shelved in August 2020, with allegations of selling unregistered securities. Fortunately, the crypto community came to the rescue the following year, forming the TON Foundation to keep the project alive. While TON continued to evolve under the Foundation’s guidance, its roots remained deeply intertwined with Telegram. Many of TON’s most significant milestones were achieved within the Telegram ecosystem.

It’s essential to note that despite this game-changing integration, TON will continue to operate as a “completely separate decentralized organization,” as emphasized by Hyman. Telegram’s core focus remains on providing an exceptional messaging platform. However, they are astutely recognizing the value that Web3 brings to their users.

Toncoin’s Price

The flagship cryptocurrency of the TON network, has made an impressive mark in the crypto market. Currently ranked as the 11th largest cryptocurrency, it boasts a market capitalization of approximately .6 billion. In the last 24 hours alone, Toncoin has surged by an astonishing 13% to reach $1.91.

This remarkable partnership between Telegram and the TON network is set to reshape the crypto landscape and empower millions with digital ownership rights. As Toncoin continues to rise, all eyes are on the future of this dynamic collaboration and the Web3 revolution it promises to deliver. Stay tuned for more exciting updates!