In a significant development for the world of cryptocurrency, Telegram has unveiled a cryptocurrency wallet based on The Open Network (TON Space) technology. This wallet is set to become accessible to more than 800 million Telegram app users starting from the beginning of November, with a simple activation process in the app’s settings. TON Space represents a decentralized computer network crafted by the developers behind Telegram, adding a new dimension to the messaging platform’s capabilities.
Access and Availability:
As of now, users of the Telegram Wallet have the privilege of accessing TON Space. However, this feature will be extended to all Telegram users worldwide, with the exception of certain countries, including the United States and others where legal restrictions are in place, starting from November.
Contextual Background:
It’s worth noting that the development of the TON blockchain by the Telegram team faced significant legal challenges, including a lawsuit initiated by the United States Securities and Exchange Commission (SEC). Ultimately, Telegram had to halt its blockchain development efforts, return funds to investors, and pay a substantial fine of $18.5 million. Despite these setbacks, TON has persevered as an open-source project, receiving support from a dedicated community of enthusiasts.
Telegram’s Cryptocurrency Initiatives:
Telegram’s foray into the world of cryptocurrency doesn’t stop with the introduction of TON Space. In July, the platform integrated the capability to accept cryptocurrency payments through its Wallet Pay service. This feature supports popular cryptocurrencies such as Bitcoin (BTC) and the USDT stablecoin. What’s particularly noteworthy is that these cryptocurrency payments can be seamlessly integrated into any Telegram bot, opening up new possibilities for businesses and users to engage in cryptocurrency transactions within the messaging app.
Conclusion:
The introduction of the TON Space cryptocurrency wallet within the Telegram messenger represents a significant step in the evolution of cryptocurrency adoption. With the potential to reach over 800 million users worldwide, this move could help drive mainstream acceptance and usage of cryptocurrencies. While Telegram’s journey in the blockchain space has seen its share of legal hurdles, the platform’s commitment to cryptocurrency-related features demonstrates its determination to provide innovative solutions to its vast user base. As the world of cryptocurrency continues to evolve, Telegram’s initiatives will likely play a role in shaping the future of digital finance and communication.
