Instant messaging app Telegram is launching a dedicated self-custodial wallet dubbed TON Space. The digital wallet will be built on The Open Network (TON), a blockchain that was once affiliated with the social media app.
The announcement was jointly made by Telegram and TON Foundation at the ongoing TOKEN2049 crypto conference held in Singapore.
Telegram to Debut TON Space
In April 2022, Telegram integrated a bot feature called Wallet, enabling users to make crypto payments denominated in currencies such as BTC, TON, and USDT. According to the TON Foundation, the feature is designed to make crypto transfer “feel like sending a text message.”
All users of the Telegram Wallet can begin to access the TON Space. However, Telegram’s global users will be able to access the self-custodial wallet starting in November. Users in the United States and some unmentioned countries will be restricted from accessing the TON Space.
“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 John Hyman said in a statement.
Telegram’s Ties With TON Blockchain
Telegram’s connection with the TON blockchain dates back to January 2018. A whitepaper and technical paper published by the social media platform revealed that it was launching a blockchain called Telegram Open Network (TON) and a native cryptocurrency, GRAM.
Following the testnet launch in January 2019, the blockchain developers made the cryptographic code open-source, allowing anyone to copy the network code.
The team later sold 2.9 billion GRAM tokens in a private sale, generating $1.7 billion from two rounds of sales. The plan for a third sale was halted in October 2019 when a lawsuit was filed by the U.S. Securities and Exchange Commission (SEC) against Telegram.
The financial agency alleged that Telegram’s GRAM tokens were unregistered securities and ought to have been registered with the agency before being sold to U.S. investors. After a back-and-forth legal battle, Telegram officially abandoned the TON project and returned $1.2 billion to investors.
Since TON network codes were open-sourced, other developers revived the project and changed the blockchain’s name to The Open Network. They also introduced a new cryptocurrency dubbed Toncoin (TON).
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