Telegram introduces a self-custodial crypto wallet for their users outside of the US

Telegram, the messaging app favored by many crypto enthusiasts, has chosen the TON network as its preferred blockchain for Web3 infrastructure. The integration of TON into the app's user interface prompted a surge in the blockchain's native token, Toncoin (TON), which rose by 6.5% within half an hour of the announcement.

The TON-built Web3 wallet, already accessible as a standalone bot within Telegram to 3 million registered users, is being integrated into the app. It will be available to all 800 million Telegram users via their settings. A self-custodial version, TON Space, is being launched to all Telegram users outside the U.S., with the rollout expected to be completed by November, according to an email from the TON Foundation.

Telegram's relationship with the blockchain dates back to 2018 when it began as an internal project. However, the company ceased development in August 2020 following a lawsuit from the U.S. Securities and Exchange Commission (SEC) that accused it of selling unregistered securities.

Toncoin currently ranks as the 11th largest cryptocurrency, boasting a market cap of approximately $6.6 billion, based on data from CoinMarketCap.