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Telegram Acquires Crypto Wallet Three Years After SEC’s Enforcement Action

Posted on September 13, 2023

In 2020, the Securities and Exchange Commission (SEC) filed suit resulting in Telegram declaring an end to its involvement in TON. However, the two have reunited.

On Wednesday, The Open Network Foundation (TON) revealed a partnership with Telegram, a messaging application. This took TON nearer to its spiritual origins as it introduced a crypto wallet fostering self-custody for the users of the chat platform.

The TON Foundation confirmed the unveiling of its self-custodial wallet identified as TON Space on Telegram and is currently available to the nearly 800 million users on the chat platform. 

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Telegram Partners with TON Foundation

The report indicated  that projects developed on TON will acquire priority access to Telegram Ads, the advertising platform of the messaging application. A TON representative claimed that, at present, the wallet feature is accessible in Telegram’s settings.

They also stated that a worldwide rollout will start in November, except in the United States and other nations.

In 2020, Telegram ditched TON, a proof-of-stake blockchain platform. Despite plans to unveil it after two-and-a-half years of work on the forum, the U.S Securities and Exchange Commission’s (SEC’s) lawsuit curtailed Telegram’s involvement.

In 2019, the agency sued Telegram over $1.7Braised through the project’s Grams token  initial coin offering (ICO). Telegram settled with the agency by refunding any unused funds and paying a fine amounting to $18.5M for the alleged offering of unregistered securities.

A reimbursement was already being planned. In this case, Telegram had pledged to refund users in case the platform failed to go live by a specific date during the spring of 2020.

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Pavel Durov, Telegram’s cofounder, envisaged TON as a channel of transferring crypto while chatting and monetizing the messaging application. This is similar to the ambition of Elon Musk, Tesla’s owner, for Twitter  as a media and payment application.

The popular application in messaging unveiled the wallet, reviving its plans to advance building its Web3 ecosystem. Telegram spokesperson revealed the critical milestone in a presentation at the Token2049 event held in Singapore. 

The renewed reunion will help the TON Foundation set up the Web3 infrastructure. The march to the elusive Web3 ecosystem has prompted the project creators purpose to resolve the onboarding issues. Doing so would create the missing gateway to the digital assets for the Telegram users.

Telegram to Expand its Product Offering

In a  2020 blog post formally claiming that Telegram’s relationship with TON was over, Durov cautioned other crypto projects co-opting TON’s technology and name. At that time, he claimed that the company was not likely to back them via any means, which made Wednesday’s approach an outward about-face.

In Telegram’s wake, various community organizations came up to support the dream linked to TON alive. Examples included NewTon, the TON Chinese Community, and FreeTon.

John Hyman, Telegram’s Chief Investment Officer, stated that offering identity and asset ownership to users corresponds to the company’s views toward free speech.The CIO claimed that through this partnership, they are placing digital ownership rights in the whole user base’s hands.

Despite Telegram’s mission to promote freedom of speech, speech is much more in the present digital age.

Last week, TON Foundation claimed it has settled in Switzerland, where it is currently registered as a nonprofit. TON Foundation’s president, Steve Yun, communicated through a written statement about TON’s synergistic components and Telegram’s collaboration.

Yun said that the TON ecosystem seeks to offer a straightforward and spontaneous user experience similar to that of famous social apps, for instance, Telegram. Sharing a similar DNA, all builders are invited to be a part of the mass adoption.

Telegram had an estimated 400 million users by the time it withdrew from TON’s development.

Statistics by the TON Foundation show that since then, Telegram has doubled the figure and is presently one of the most downloaded applications worldwide.

Editorial credit: wichayada suwanachun / Shutterstock.com


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