Telegram, with 800 million monthly users, is launching a self-custodial crypto wallet. The move will solidify its presence in the vibrant crypto community that has grown from its chat platform and may attract more people to crypto.
Telegram and TON Foundation announced TON Space, a self-custodial wallet, on Wednesday at Singapore’s Token2049 crypto conference, which draws over 10,000 attendees.
Telegram has a complicated blockchain relationship. After the SEC sued Telegram over a massive initial coin offering, the chat app abandoned its Telegram Open Network (TON) blockchain project in 2020. The Open Network Foundation (TON Foundation), founded by open-source developers and blockchain enthusiasts, supports the development of The Open Network (TON), the blockchain powering a growing number of Telegram applications, including the wallet.
The Open Platform (TOP) and TOP Labs, a venture-building division, created the TON-based wallet.
TON Space will be available to Telegram users worldwide without wallet registration in November. The U.S., which has cracked down on the crypto industry and promoted many crypto apps to geofence users, is currently excluded from the feature.