Telegram Boosts Toncoin Price With TON Project Endorsement


Key Takeaways

Telegram has endorsed the TON network as its blockchain of choice for Web3 infrastructure. The messaging app will now integrate the TON network into its user interface, giving 800 million users access to the TON Web3 wallet.

TON Space, a self-custodial version, is also being made available to Telegram users outside the United States. John Hyman, Telegram’s chief investment officer, commented that “we are putting digital ownership rights in the hands of our entire user base” and “giving TON projects the tools to reach our audience in the largest Web3/Web2 partnership there has ever been.”

The Ton project was originally launched by Telegram in 2018, but legal action from the US SEC forced the company to abandon the project in August 2020. It was then taken up by members of the community who formed the TON Foundation.

This latest news has seen Toncoin (TON) rally by more than 11% in the last 24 hours, making it the 11th-largest cryptocurrency by market cap. The price of Toncoin stands at $1.92, and its rally also comes as Bitcoin records positive performance.

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