Telegram's Choice of TON-Based Crypto Wallet Leads to TON's Price Rally

Instant messaging service app Telegram is incorporating The Open Network- (TON) based self-custodial crypto wallet for its more than 800 million monthly active users.

The wallet called TON Space will be available through Telegram settings starting November 2023. It will allow users to buy and sell cryptocurrencies like Bitcoin.

Meet and engage with transformative Fintech business leaders and investors at Benzinga's exclusive event - Fintech Deal Day. Tickets are going fast - get yours!

The TON Network, the blockchain of choice for Web3 infrastructure, will be integrated into the app’s user interface starting today for all users.

TON-built Web3 wallet is already available as an independent bot in Telegram with 3 million registered users.

Under this launch, Telegram will also give priority access for TON projects and partners to its global advertising platform, Telegram Ads. The messaging app celebrated its decade-long presence in August 2023.

“With this partnership, 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,” Telegram's chief investment officer said in an official statement as reported by The Block.

Impact To Token Price: After the Telegram news, Toncoin TON/USD saw a 6.5% jump in around 30 minutes. In the past 24-hour trading, the price has surged 11.3% to $1.9. This is a major bounce back from the $1.15 price level in August. The Layer 1 blockchain protocol and 12^th largest crypto, TON saw $50 million in 24-hour trading volume.

Read Now: Toncoin Rises More Than 11% In 24 hours

To know more about other crypto prices, Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga's exclusive event - Future of Digital Assets. Tickets are flying — get yours!

Post this correction, many short-term technical indicators have been corrected to indicate an improving outlook for the token. The Moving Average Convergence Divergence indicator also reaffirmed Toncoin’s bullish stance from hereon.

Telegram-TON History: In 2020, TON was set aside by Telegram after developing it for two years. This was mainly due to a 2019 U.S. SEC lawsuit wherein Telegram was fined for raising $1.7 billion through an initial coin offering using a token called Grams (claimed as unregistered security).  Telegram settled the lawsuit by paying a fine of $18.5 million and opened the operations of TON as an open-source community project.