How Telegram's Integration of TON Wallet Boosts Toncoin Cryptocurrency

How Telegram's Integration of TON Wallet Boosts Toncoin Cryptocurrency

Author: James Soplin

"How Telegram's Integration of TON Wallet Boosts Toncoin Cryptocurrency"

The growth of Toncoin (TON) cryptocurrency has been notable, as it has risen to the ninth position in the CoinMarketCap ranking, positioned between Dogecoin (DOGE) and Solana (SOL), with an impressive 40% increase in value in less than a week.

This surge can be attributed to the recent update on September 14, where Telegram incorporated the TON Wallet cryptocurrency wallet into its messaging interface.

Although the TON Wallet bot (@Wallet) with verified status existed previously, it is now easily accessible to all Telegram users, both on mobile and desktop versions.

The TON Wallet supports Bitcoin, Tether USD (USDT) stablecoin, and Toncoin, allowing users to transfer these assets directly within chats or to external addresses. Additionally, the wallet includes a full-fledged peer-to-peer (p2p) platform for buying and selling cryptocurrencies, which distinguishes it from major crypto exchanges like Binance, offering unrestricted services to users and retaining support for transfers from any bank cards.

Pavel Durov, the founder of Telegram, expressed intentions to deepen the integration of blockchain technology within the platform. Starting in November, TON Wallet will be accessible to users outside the United States and some other countries. Although Telegram is not directly involved in TON ecosystem development, Durov's support for TON and Bitcoin is evident.

The Telegram Open Network (TON) blockchain, initiated by Pavel Durov and his brother Nikolai in 2018, faced setbacks due to litigation with the U.S. Securities and Exchange Commission (SEC) in 2020. Telegram was sued by the SEC for conducting an unregistered security initial coin offering (ICO) using the Gram token, ultimately returning unused investor funds and paying an $18.5 million fine. This incident became a reference point in the SEC's legal battle with Ripple Labs regarding XRP tokens.

Despite these challenges, the TON network received support from the TON Foundation community, which contributed to its continued development. Telegram now aims to promote other projects within the TON ecosystem, including priority access on the Telegram Ads platform.

Toncoin's growth is closely tied to the popularity of Telegram, which is rapidly expanding in regions like India, Russia, and the Middle East. However, the recent price and capitalization surge of TON is primarily attributed to speculative demand following the wallet integration news. The token's value is expected to be sustained by optimism about the ecosystem's future.

The integration of TON Wallet into Telegram presents a unique opportunity for the TON development team. With the gradual withdrawal of large exchanges from Russia, TON Wallet's user-friendly interface and messenger integration position it favorably in the Russian p2p exchange market, where demand remains high.

Given the current geopolitical context, the introduction of a wallet for Russian users could establish a new p2p market, facilitating direct and efficient communication between buyers and sellers. Telegram, with its established cryptocurrency community and user base, is well-positioned for this role.

From a technological standpoint, the TON blockchain is known for its speed and suitability for financial services. As Telegram evolves into more than just a messenger and incorporates financial and settlement services, regulatory challenges may arise, particularly concerning anti-money laundering compliance. Addressing these concerns is crucial for the project's global expansion.

While projects based on Telegram's TON blockchain may face regulatory hurdles, the aim is to target a global audience. The TON ecosystem is envisioned as an infrastructure capable of supporting both decentralized and traditional crypto services. To achieve this vision, significant investments in development and marketing are essential, allowing the project to demonstrate its strengths on the global stage.


Other news

Clients of Mt. Gox Exchange to Receive $9 Billion in Bitcoin
Ethereum ETF to Launch in the US in July
What is Bitcoin Dominance
Which Countries Hold the Most Bitcoins
In June, German authorities transferred thousands of confiscated bitcoins to exchanges
JPMorgan: Payments to Customers of Bankrupt Crypto Exchanges Will Balance Each Other Out