Telegram Unveils Its TON-Driven Crypto Wallet After Over Three Years of Regulatory Challenges
In Brief
Telegram has officially rolled out its cryptocurrency wallet, powered by the TON blockchain, after an extended wait.
After three years of anticipation, Telegram at last unveiled its cryptocurrency wallet, which is fundamentally supported by the Open Network (TON) blockchain technology. The news sparked a notable positive reaction in the market during the Token2049 event held in Singapore, leading to a 13% surge in the value of TON tokens.
Back in 2020, Telegram had no choice but to pause its blockchain efforts due to regulatory challenges, primarily stemming from a lawsuit filed by the U.S. Securities and Exchange Commission (SEC). This lawsuit resulted in an $18.5 million fine, compounding Telegram's obligation to reimburse investors for unused funding.
The Key Role of TON Foundation Amid Ongoing Regulatory Challenges
The TON Foundation has been essential in facilitating the integration of various projects with the TON blockchain, ensuring these projects gain prioritized access to Telegram’s in-app advertising services, Telegram Ads.
The new wallet feature from Telegram is easy to find in the app's settings, with plans for a larger global rollout set for November. However, this expansion notably excludes users in the U.S. and certain other countries, likely due to persisting regulatory issues.
What’s Next for Telegram?
Telegram's launch of its cryptocurrency wallet marks a significant milestone, not only for the platform and TON but also for the wider adoption of blockchain technology.
While the market's favorable reaction is apparent, persistent uncertainties regarding regulatory compliance loom large, potentially impacting the wallet's widespread acceptance.
Although the revival of the Telegram-TON collaboration has led to the introduction of a promising new crypto wallet and an optimistic market reaction, ongoing ambiguities in regulatory matters could create hurdles for its lasting viability.
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