Telegram's messaging software selected the TON network as its blockchain network of choice for Web3 infrastructure, increasing the TON token price by 7%.
Telegram, the widely used chat app boasting 800 million active monthly users, has introduced a new self-custodial crypto wallet. This development is poised to solidify the platform's standing in the thriving crypto community that has sprouted from its messaging service.
The wallet, named TON Space, has been developed by the Open Network Foundation. This foundation, originally initiated by the creators of Telegram, separated after the U.S. Securities and Exchange Commission took legal action against the messenger for a substantial initial coin offering.
The launch of TON Space not only expands Telegram's offerings but also holds the potential to introduce the masses to the world of cryptocurrencies. The announcement was made jointly by Telegram and the TON Foundation at Singapore's Token2049 crypto conference, an event drawing over 10,000 attendees.
In a bid to foster projects built on the TON blockchain, Telegram has granted them priority access to its advertising platform, Telegram Ads. This strategic move is expected to drive growth and innovation within the blockchain ecosystem.
Telegram's foray into blockchain and cryptocurrency has been marred by legal challenges, particularly the SEC's lawsuit over a substantial ICO. However, with this new wallet launch, Telegram is signalling a fresh start and a renewed commitment to the crypto community.
As per CoinStats, Toncoin (TON) has seen a notable surge, currently priced at $1.93. Over the last 24 hours, its value has surged by an impressive 12.82%. The live market capitalization for TON stands at a substantial $7 billion.
With a circulating supply of 5,093,852,220 TON coins, it has a maximum supply volume matching this figure. The 24-hour trading volume has reached $54 million, indicating a flurry of activity surrounding this cryptocurrency.
On the daily chart, the TON coin is looking extremely bullish with an uptrend trajectory. The Linear regression pattern is what the token followed in the previous days and now made a breakthrough from the resistance at $1.89 mark. Although the token has a very dull past, the recent integration with Telegram boosted the community sentiment and so the TON's price.
Additionally, The 14-day Relative Strength Index (RSI) is at 65 which is considered a handsomely bought zone and now the RSI is approaching the overbought zone.
The TON Foundation envisions TON Space as a means to eliminate onboarding difficulties, providing a seamless entry point into the world of cryptocurrencies for Telegram's vast user base. While the wallet feature is currently accessible in settings, a global rollout is slated for November, with exceptions for certain regions, including the United States.
In summary, Telegram's introduction of TON Space marks a significant step toward merging the worlds of messaging and cryptocurrencies. With its enormous user base, this move has the potential to introduce a substantial portion of the global population to the benefits and opportunities offered by cryptocurrencies.