Anthony Tsivarev, Director of Developer Relations at TON, has unveiled the integration between the crypto wallet and message app Telegram. During the Token 2049 event in Singapore, the Foundation behind the wallet revealed its cooperation with the social media platform.
Millions Will Adopt Crypto With Telegram Integration
According to a post by TechCrunch, the chap app and the TON Foundation will cooperate to work on and promote a Web3 ecosystem based on the token. In that way, Telegram’s 800 million monthly active users will have a native app to self-custody their cryptocurrency.
Telegram is home to many crypto-based projects, including crypto trading bots, forecast and analysis channels, and a large community of investors and operators. Thus, the cooperation with the TON Foundation aims at “solidifying” its foothold on the sector while driving the adoption of the nascent asset class.
The social media platform will begin to roll out the crypto wallet, called TON Space, as soon as November 2023. The new feature will exclude certain regions, such as the United States.
The TON wallet was created by The Open Platform (TOP), and its development has seen its fair share of controversy. Initially driven by Telegram, the TON project was halted due to regulatory pressure from US regulators.
Therefore, the crypto community took the TON project under their direction by creating a Foundation to promote its development. The TON token has been slowly integrated with Telegram and other platforms to enable users to access new features.
These include purchasing unique domains, opening a Telegram account without providing a phone number, tipping content creators, and more. Integrating the social media platform seems like a logical step in its development.
The team behind the wallet revealed an outage on their servers via an official post on X. The number of people looking to sign up for the new feature and get free TON tokens, around 1,000 users per second, triggered the issue.
The team behind the wallet stated:
Looks like our announcement created quite the storm! Wallet_tg is currently experiencing some server issues and is down with 1000s of people onboarding to the Wallet every second. Please pause claims on the QR for now. We’ll let you know when wallet_tg is back online.
As of this writing, the TON token has experienced a surge due to the integration with Telegram.
Cover image from Unsplash, chart from Tradingview