Telegram, the widely used messaging app with around 800 million users, has announced the launch of a self-custodial crypto wallet called TON Space. This move is in line with the objectives of the Open Network Foundation (TON Foundation), which aims to provide self-custodial digital asset management to Telegram’s extensive user base.
The introduction of TON Space on Telegram is expected to boost the adoption and usability of cryptocurrencies within the platform. Projects developed on the TON platform will also receive priority access to Telegram’s advertising platform, Telegram Ads. This integration can potentially open up opportunities for millions of users to explore and utilize crypto assets.
The innovative wallet, developed by The Open Platform (TOP), is designed to facilitate decentralized payments and assist developers in creating cryptocurrency-compatible mini applications that operate within the Telegram ecosystem. Telegram’s approach to cryptocurrency differs from traditional centralized solutions by emphasizing user control over digital assets. The aim is to transform Telegram into a comprehensive “super app,” similar to WeChat, while incorporating decentralized functionalities.
While there are other crypto wallets available outside of Telegram, the challenge lies in user adoption and distribution. By integrating TON Space into its platform and offering priority access to TON projects and partners through its global advertising platform, Telegram can overcome these challenges and promote the use of decentralized apps.
Signal, another encrypted chat app, is also exploring crypto integration by working with a third-party partner called MobileCoin to offer a crypto payments solution. However, the solutions offered by Signal and Telegram may attract different user demographics.
It is worth noting that in 2021, Telegram faced legal repercussions and decided to abandon its TON blockchain project. The company agreed to hand over all bank statements related to its $1.7 billion initial coin offering (ICO) after mounting legal pressures and increased regulatory scrutiny.
Despite this setback, Telegram remains dedicated to its crypto ambitions. The launch of TON Space demonstrates the company’s commitment to providing its users with a self-custodial wallet and promoting the use of cryptocurrencies within its platform.
With its extensive user base and strategic partnerships, Telegram has the potential to significantly contribute to the adoption and mainstream usage of cryptocurrencies. By prioritizing user control and decentralization, Telegram is positioning itself as a leading player in the evolving crypto landscape.