Telegram Introduces Global Self-Custodial Crypto Wallet, with the Exception of the United States
Telegram, the immensely popular chat application boasting 800 million monthly active users, is rolling out its very own self-custodial crypto wallet. This strategic move is poised to further cement Telegram's position within the dynamic crypto community that has flourished on its chat platform, potentially acting as a catalyst to bring more people into the world of cryptocurrency.
The unveiling of the self-custodial wallet, christened "TON Space," was jointly declared by Telegram and the TON Foundation during the Token2049 crypto conference in Singapore, which boasted an impressive attendance of over 10,000 crypto enthusiasts.
Telegram's foray into the blockchain arena has been marked by complexity. In 2020, the chat app abandoned its ambitious Telegram Open Network (TON) blockchain project following legal action from the U.S. Securities and Exchange Commission (SEC) related to a substantial initial coin offering. Subsequently, a group of open-source developers and blockchain aficionados established The Open Network Foundation (TON Foundation), which now actively supports the ongoing development of The Open Network (TON). This blockchain underpins an expanding array of applications on Telegram, including the newly introduced wallet.
The TON-based wallet concept was conceived by The Open Platform (TOP), which encompasses a venture-building division known as TOP Labs.
Starting in November, TON Space will be accessible to Telegram's global user base without the need for wallet registration. However, it's worth noting that certain jurisdictions, including the United States, are temporarily excluded from this feature due to the U.S. government's stringent regulatory measures and its tendency to impose geographical restrictions on various crypto applications.