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The statement sent shockwaves across the cryptocurrency community, driving Toncoin (TON), the blockchain’s native token, to soar by an astounding 6.5% in only 30 minutes after the news broke. With TON as the preferred blockchain for Telegram’s Web3 infrastructure, the way users interact with the internet is about to change.
The crucial advancement is the incorporation of the Web3 wallet created by TON into the Telegram app’s user interface. This ground-breaking wallet, which now has 3 million registered users as a separate bot, is about to be made available to all 800 million users of Telegram. Users everywhere will soon be able to effortlessly manage their digital assets by a simple configuration tweak. A self-custodial variation called TON Space will also soon be made available to all of Telegram’s users, with the exception of those in the United States. According to the TON Foundation, this deployment is expected to be finished in November.
Telegram’s Chief Investment Officer, John Hyman, shared his enthusiasm, stating, “We are putting digital ownership rights in the hands of our entire user base while also giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”
For a long time, Telegram has served as a lighthouse for cryptocurrency aficionados. When the U.S. Securities and Exchange Commission (SEC) accused the blockchain venture of selling unregistered securities in 2018, which was initially started as an internal experiment, there was legal trouble, which led to its suspension in August 2020. This defeat did not, however, weaken the community’s resolve. The project was revived the next year after a community effort to create the TON Foundation. The Foundation oversaw the development of the TON network, but Telegram’s affiliation with it persisted, opening the door for a number of ground-breaking innovations in the blockchain space.
John Hyman made it clear that, in spite of this increased collaboration, TON will continue to operate as a “completely separate decentralized organization.” Continually, Telegram’s major goal is to offer a superior messenger platform. “It is not getting into Web3 but recognizes the value Web3 has for its users,” Hyman insisted.
According to data from CoinMarketCap, Toncoin, the blockchain’s native cryptocurrency, has advanced to take the 11th spot on the market and boasts a remarkable market value of almost $6.6 billion. Toncoin’s value has soared by 13% only in the last 24 hours, hitting a startling $1.91.