Telegram and TON Foundation have collaboratively introduced a novel self-custodial wallet called TON Space.

In collaboration with TON Foundation, Telegram revealed this announcement at TOKEN2049 which is a gathering in Singapore attracted over 10,000 attendees.

In 2019, Telegram had initially intended to integrate a TON-based crypto wallet. However, the messaging app was compelled to sever its connection with the blockchain foundation in 2020. This decision followed a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) against Telegram. 

The agency accused the messaging app of conducting an unregistered security in its $1.7-billion initial coin offering (ICO). Telegram ultimately settled with the SEC, agreeing to pay an $18.5 million fine. Furthermore, the accused pledged to reimburse any unutilized funds to investors.

Telegram has made its crypto wallet accessible to its 800 million global users by developing it on The Open Network (TON) Blockchain. The announcement of the TON wallet’s integration into Telegram led to a nearly 8.3% surge in the price of Toncoin.

Toncoin's price chart
Toncoin’s Price Chart for the Previous Seven Days, Source: CoinMarketCap

The Open Platform (TOP) conceived the wallet. The company comprises a wallet development team and venture-building division known as TOP Labs. TOP Labs collaborates closely with the TON ecosystem and manages a portfolio of TON-based apps.

In November, the company will make TON Space accessible to its worldwide user base without requiring wallet registration. This enhancement complements the current custodial version of the Telegram wallet, which has already garnered three million registered users. 

The self-custodial wallet has restricted access to specific regions, including the United States. This decision is due to the crackdown on the cryptocurrency industry and imposition of geofencing measures on various crypto applications.

Telegram Is An Active Player In The Web3 Space

In the Web3 space, Telegram actively contributes by crafting innovative features and services to foster the creation of decentralized applications. 

Presently, the company is a foundation for various alternative media platforms, including Steemit, Free Speech.TV, and LBRY. In October 2022, The Open Network (TON) blockchain began offering usernames through a platform provided by the messaging app. Earlier this year, TON announced the TON Accelerator Program which aims to grow the ecosystem.