Telegram, a famous messaging app with 800 million daily active users, has finally released a crypto wallet, almost three years after it first announced plans to build a Web3 ecosystem.
This move is meant to help it improve its place in the thriving crypto community that has grown up around its chat platform. It could also help bring more people into the world of cryptocurrencies.
At the Token2049 event in Singapore, which is still going on, Telegram and the TON Foundation announced the new self-custodial wallet, called TON Space. The event has more than 10,000 people attending.
After what happened with FTX, the bitcoin community has changed its mind in a big way. People are now more aware of how important self-custodial wallets are compared to centralized wallets, which don’t give people power over their digital assets.
It’s important to point out that the wallet in question was not made by Telegram. The joint statement about the wallet shows how long and complicated Telegram’s relationship with blockchain technology has been.
Telegram’s grandiose Telegram Open Network (TON) blockchain project will end in 2020. This choice was made because the company had to deal with legal and government problems. The U.S. Securities and Exchange Commission (SEC) sued Telegram because they said their initial coin offering (ICO) broke securities laws.
The lofty goals of Telegram’s TON project, which included making a decentralized blockchain platform and a coin called “Gram,” got a lot of attention in the cryptocurrency and blockchain worlds. The goal of the ICO for Gram tokens was to get money for building the TON network.
But the SEC was worried about the ICO because it was selling stocks that had not been listed. The SEC and Telegram fought in court, and in the end, Telegram gave up on the TON project to settle the charges against them.
As a result, the TON blockchain project was canceled, and buyers got their money back from the ICO as part of the settlement. This event had a big effect on the bitcoin industry and showed how blockchain projects and ICOs in the United States have to deal with legal problems.
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A company called The Open Platform (TOP) came up with the idea for the wallet. TOP has a wallet development team and a venture-building section called TOP Labs. TOP Labs works closely with the TON ecosystem and has a collection of apps that use TON.
It is currently available to the 800 million people around the world who use Telegram. When it was announced that the TON wallet could be used with the Telegram app without any problems, the price of Toncoin went up by almost 14%.
When the TON cryptocurrency found strong support at the $1.6 price mark, it was a big deal. This support was a turning point that allowed TON to break through the $1.8 resistance level, which is now a strong support level.
Also, during today’s trade session, the upper wick broke through the $1.9 support level, which shows that prices went up a lot. With this kind of momentum, it is very possible that the price of TON will hit $2 in the near future. Stay tuned with Crossover99 for more Crypto-related updates and News.
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