Telegram Messenger has launched a self-custodial crypto wallet based on The Open Network (TON) for its over 800 million monthly active users. The new wallet, TON Space, can be accessed directly through Telegram’s settings. Current users of the Telegram Wallet bot will be able to access TON Space. The Telegram Wallet bot previously facilitated buy/sell functions for a number of supported cryptocurrencies, such as Bitcoin and Ethereum, within the Telegram Messenger app.
TON Space is slated for a global launch in November, excluding users in the U.S. and other specified jurisdictions. “Telegram’s mission has always been to enable freedom of speech, but speech is so much more in this digital age. We believe users have the right to own their identities and assets. With TON Space, users now have the technology to make that convenient,” said John Hyman, Chief Investment Officer at Telegram.
The partnership between Telegram and the TON Foundation is bringing TON closer to its original vision. Telegram had to abandon the TON project in 2020 after the SEC filed a lawsuit against the company, alleging that its initial coin offering (ICO) was an unregistered security. After settling the lawsuit, Telegram agreed to refund unutilized investor capital and remit an $18.5 million fine. TON transitioned into an open-source community project.
TON Space acts as an enhanced infrastructure layer for the TON ecosystem. With its integration, Telegram will also afford TON projects and their partners preferential access to its global promotional platform, Telegram Ads.