Telegram Launches TRON Wallet For 800 Million Users
Telegram integrates with TRON Wallet, giving users direct access to the TRON blockchain. TON token surges 12.6% after the announcement.
Telegram, a globally recognized messaging app, has recently unveiled its integration with the TRON Wallet. This announcement was made during the Token2049 event in Singapore. The integration means that Telegram's vast user base will now have direct access to the TRON blockchain, one of the most dynamic and rapidly growing ecosystems in the crypto world.
The immediate aftermath of the announcement saw the TON token, native to the TRON blockchain, registering a significant spike. It surged by 12.6% overnight, reaching a three-month high of $1.97. This bullish momentum underscores the market's positive reception of Telegram's latest move.
TON Token Price Spike
The integration is not just about accessing the TRON blockchain. Telegram, in collaboration with the TON Blockchain team, introduced the TON Space digital wallet. This wallet is designed to be user-friendly, ensuring that even those new to cryptocurrencies can navigate and transact with ease.
Previously available as a standalone bot within Telegram, the TON Space wallet already boasts 3 million registered users. With the recent integration, this feature will now be accessible to all 800 million Telegram users directly through their app settings.
One of the standout features of this integration is the exclusive benefits it offers to TON-based projects. Anthony Tsivarev, Director of Developer Relations at TON, confirmed that these projects would gain privileged access to Telegram Ads, the app's advertising platform. This not only provides these projects with a broader reach but also solidifies the synergy between Telegram and the TON blockchain.
While the integration has been largely well-received, it has been challenging. The TON Blockchain team reported server issues due to the high demand for the new feature. Thousands of users were onboarding the wallet every second, leading to temporary difficulties. As a result, a promotional TON giveaway via a public QR code on Twitter had to be paused.
???? Major news from #TOKEN2049 - #TON-based @wallet_tg goes live for @telegram's 800 million users, in new integration.
???? Let’s celebrate the largest #Web3 onboarding event ever, together! Comment #TONxTelegram, retweet, and scan to get $TON in 2 taps! pic.twitter.com/NyeMz71vbC — TON ???? (@ton_blockchain) September 13, 2023
However, these challenges are but minor hiccups in what promises to be a transformative journey for Telegram and its users. John Hyman, Telegram’s Chief Investment Officer, stated:
“Telegram’s mission has always been to enable freedom of speech, but speech is so much more in this digital age. We believe users have the right to own their identities and assets. With TON Space, users now have the technology to make that convenient. With this partnership, 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.”
Telegram stopped its TON project following a lawsuit by the U.S. Securities and Exchange Commission (SEC) over a $1.7 billion initial coin offering. Nonetheless, the initiative was resurrected in 2020 with the support of the community.