The leader of encrypted online messaging ‘Telegram’ has entered the Web3 game by offering a self-custodial crypto wallet for users. The move comes as part of the expansion of Toncoin (TON), which is native coin of the ‘Open Network’ blockchain. 

Through the inauguration of Toncoin on Telegram, users are now able to access their very own self-custodial ’TON Space’ crypto wallet, which is now available in the app’s ‘Settings’ tab.

Come November, the feature is expected to be rolled-out to Telegram’s 800 million worldwide users (“excluding the U.S. and some other countries”- per a Toncoin spokesperson). 

Similar to the vision of Dogecoin extraordinaire Elon Musk when it comes to his newly acquired X, Telegram’s co-founder Pavel Durov sees TON and the TON Space wallet as a way for users to send crypto funds within chats, as well as monetise their content on the app. Additionally, projects built using TON and the eco-friendly and dApp-congruent Open Network blockchain will receive priority access to Telegram’s advertising platform. 

For Toncoin specifically, TON Space becomes the third known wallet for its storage, with its namesake wallet, as well as the ‘Atomic Wallet,’ also being on the market. 

And of course, for anyone who’s already aware of Telegram’s fundamental values, you’ll know that this ‘delve into DeFi’ aligns with its grand ethos of free speech and full-encryption. 

A Bounce-Back After a SEC Shutdown 

The launch of the TON Space wallet comes in wake of a turbulent period for Telegram and its DeFi endeavours, as it had to abandon the 2-year development of TON (between 2018-2020) after the US Securities and Exchange Commission (SEC) alleged that it was selling unregistered securities (an allegation we’ve become all-too familiar with in recent months). 

Here, the SEC sued Telegram for over $1.7 billion- which was the amount raised in the ICO for its other coin, ‘Grams’. That being said, Telegram was able to make a settlement with the SEC, refund investors with any unspent funds, and pay a fine of $18.5 million. 

The Proof-of-Stake blockchain project was then picked back-up the following year by community members, who then established the TON Foundation to help preserve its longevity. Here, other TON-preserving social entities were also born, such as NewTON, FreeTon, and TON Chinese Community.  

Two years on from initially putting a halt to TON’s development, Telegram is said to have doubled its user base from 400 to 800 million users- whilst also being a consistent name amongst the world’s top 10 most downloaded apps. 

With this in mind, the release of Toncoin and the TON Space wallet onto the global anti-censorship platform is nothing but bullish for crypto and Web3 adoption rates. This is not only due to the sheer numbers involved, but also because it illustrates a scenario wherein DeFi is seemingly reaching an audience that innately shares the same decentralised values and ambitions. 

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This article is intended for educational purposes and is not financial advice.