Messaging app Telegram has confirmed that the TON network is its preferred blockchain for its Web3 infrastructure. The application will integrate the blockchain into its interface. Toncoin (TON), the native token of the blockchain, rose by 6.5 percent within half an hour after the news.
The TON-based Web3 wallet, which is available as an independent bot on Telegram and has 3 million registered users, can now be used by all 800 million users through the settings to be made. The self-custody version called TON Space will be available to all Telegram users outside the USA. The preparations are planned to be completed by November. John Hyman, Telegram’s chief investment officer, said in a statement:
We leave digital property rights in the hands of our entire user base. We also provide TON projects with the tools to use in their largest Web3/Web2 project ever.
Telegram, a popular app among crypto enthusiasts, has a long history with its blockchain network, which started as an internal project in 2018. However, the application stopped the development of the project in August 2020 due to lawsuits filed by the US Securities and Exchange Commission (SEC) against unregistered securities sales. The development of the spinoff network continued independently of Telegram, but the relationship between the blockchain and TON remained. Many of TON’s most notable developments used Telegram as the medium.