Telegram, the popular messaging app, has recently reignited investor interest by unveiling its long-anticipated crypto wallet, TON Space.
Built on The Open Network (TON) blockchain, this move fuels optimism for TON’s long-term viability and marks a new phase for Telegram in the realm of blockchain and cryptocurrency.
NEWS: Telegram has integrated $TON-based crypto wallet called “TON Space” for its 800 million users.
— CoinGecko (@coingecko) September 14, 2023
It’s no secret that regulatory challenges marred Telegram’s initial venture into the blockchain space. A lawsuit from the U.S. Securities and Exchange Commission (SEC) in 2019 postponed TON’s launch. However, after settling the lawsuit and paying an $18.5 million fine, Telegram is back in the crypto game with the TON Space wallet, breathing new life into the embattled project.
A sign of renewed confidence
The announcement of the TON Space wallet was made at the Token2049 event in Singapore, generating immediate buzz in the crypto community. Notably, TON’s token price has surged and experienced a 7% increase immediately after the announcement, contrasting the relative stagnation of Bitcoin in the same time frame.
TON/BTC price chart, Source: CoinMarketCap
This upswing adds to TON’s impressive performance in recent weeks; the token’s value has soared by 110% since August, with a 52% increase since Sept. 13 alone.
Before the wallet’s launch, the crypto market had its eyes trained on TON’s price dynamics. Analysts had previously identified resistance levels and expected price points. As TON hovers near a projected price target of $1.90, market experts are recalibrating their expectations and eyeing the next resistance level at $2.14. The question now is whether this surge represents a temporary spike or the start of a more sustained upward trend.
As of this writing, the price of TON stood at $2.42, boasting an impressive 24-hour trading volume of $55 million.
TON/USD price chart, Source: CoinMarketCap
According to real-time updates, this represents a 6.53% increase in just the last day. Furthermore, Toncoin has climbed to secure the ninth position on CoinMarketCap’s largest cryptocurrencies by value, with a live market cap of around $8 billion. The circulating supply for TON is currently at 3.4 billion coins, while the maximum supply has not been disclosed.
Aiming for mass adoption
As per a Strait Times report, Ryan Dennis, Head of Brand for The Open Network Foundation, declared ambitious plans for the wallet, aiming to onboard 30% of Telegram’s 800 million users by 2028. About 15% of Telegram’s user base has shown interest in crypto, making the app fertile ground for mass adoption.
Dennis believes the TON Space wallet will remove the barriers often associated with blockchain, such as cumbersome user interfaces and complicated onboarding processes.
Web3 and the future of Telegram
Beyond the wallet, according to the report, Telegram aims to be a significant player in the Web3 space. John Hyman, Telegram’s Chief Investment Officer, emphasized that the launch of TON Space is the most significant Web2/Web3 integration yet. The new wallet places digital ownership rights back in the hands of the users and has the potential to revolutionize various facets of internet use, from payment systems to digital identity.
According to experts, introducing TON Space signifies more than just a new product launch; it marks a strategic pivot for Telegram. After overcoming regulatory hurdles and skepticism, Telegram strongly favors blockchain adoption and decentralization. This initiative could catalyze Telegram’s transformation into a comprehensive platform for Web3 applications while solidifying TON’s position in the competitive landscape of cryptocurrencies.