Toncoin rallies after Telegram endorses the TON project
The TON project received endorsement from Telegram
The messaging app Telegram has endorsed the TON network. The company chose the Ton network as its blockchain of choice for Web3 infrastructure.
Telegram announced this latest development earlier today, revealing that it would integrate the TON network into the app’s user interface.
Currently, the TON Web3 wallet is available as a standalone bot in Telegram and has more than three million registered users. The company said the feature would now be available to over 800 million users via their settings.
Furthermore, a self-custodial version named TON Space is being made available to Telegram users outside the United States. Telegram’s chief investment officer, John Hyman, said in the statement that;
“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.”
This move doesn’t come as a surprise, as Telegram launched its blockchain project in 2018. However, it was forced to abandon the project in August 2020 following legal action from the US SEC. At the time, the US SEC accused Telegram of selling unregistered securities.
The Ton project was picked up in 2021 by members of the community, who formed the TON Foundation to handle the project. Telegram and TON have been intertwined since then, with most of TON’s developments using Telegram as their arena.
Hyman pointed out that;
TON will remain a completely separate decentralized organization. Telegram will focus on providing a fantastic messenger platform. It is not getting into Web3, but recognizes the value Web3 has for its users.”
Toncoin rallies by more than 11% today
This latest cryptocurrency news has seen Toncoin (TON) rally by more than 11% in the last 24 hours. TON has become the 11th-largest cryptocurrency by market cap, outperforming the broader cryptocurrency market cap.
At press time, the price of Toncoin stands at $1.92. Its rally also comes as Bitcoin records positive performance for the first time this week. Bitcoin is trading above the $26k level once again after adding less than 1% to its value today.