Telegram Launches TON-Based Crypto Wallet After 3-Year Regulatory Hurdle
Telegram has introduced its crypto wallet, powered by the TON blockchain, after years of anticipation.
After three years of anticipation, Telegram finally launched its cryptocurrency wallet, underpinned by the Open Network (TON) blockchain. The market responded positively to the announcement of this development at the Token2049 event in Singapore, resulting in a 13% increase in the price of TON tokens.
In 2020, Telegram had to suspend its blockchain initiative due to regulatory hurdles, specifically a lawsuit from the United States Securities and Exchange Commission (SEC). The lawsuit culminated in a $18.5 million fine and Telegram’s commitment to refund investors’ unspent contributions.
Role of TON Foundation Amidst Regulatory Constraints
The TON Foundation has played a pivotal role in integrating projects with the TON blockchain, ensuring that they receive priority access to Telegram’s in-app advertising platform, Telegram Ads.
Telegram’s new wallet feature is readily accessible through the app’s settings, with a broader rollout scheduled for November. Notably, this global expansion will exclude the United States and select other countries, likely due to ongoing regulatory challenges.
What’s Next for Telegram?
Telegram’s introduction of its crypto wallet stands as a pivotal moment, not only for the company and TON but also for the broader embrace of blockchain technology.
While the market’s positive response is evident, lingering questions about regulatory compliance continue to hover, potentially influencing the wallet’s broader acceptance.
Despite the successful rekindling of the Telegram-TON partnership, resulting in a new crypto wallet and a bullish market response, ongoing regulatory ambiguities cast shadows on the path forward and could affect its long-term sustainability.
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