Telegram has unveiled TON Space, a significant development in its journey towards establishing a Web3 ecosystem, marking a turning point for the messaging app giant.
This announcement comes three years after Telegram initially introduced its ambitious Web3 ecosystem plans, which faced hurdles when the Security and Exchange Commission (SEC) intervened.
However, at the Token2049 event held in Singapore recently, Telegram triumphantly presented TON Space, a self-custodial cryptocurrency wallet, to its extensive user base of 800 million monthly active users.
Reports indicate that Telegram Wallet users can now seamlessly access TON Space, thanks to the integration of these services.
Telegram Wallet, known for facilitating cryptocurrency transactions through a chatbot, will serve as the gateway to this innovative self-custodial wallet.
The global rollout of TON Space is scheduled to begin in November, with users outside the United States and select countries gaining access to this groundbreaking technology.
This momentous release marks the culmination of extensive development efforts that originally commenced with Telegram’s ambitious TON project in 2018.
This unveiling comes amidst a shifting regulatory landscape in the United States, where the SEC grapples with the challenge of regulating the growing popularity of cryptocurrencies, exemplified by ongoing legal battles such as Ripple vs. SEC.
Telegram’s Chief Investment Officer, John Hyman shared his perspective on this monumental development, describing it as the “largest Web3/Web2 partnership there has ever been.”
He emphasized that this move empowers users by placing ownership rights firmly in their hands, stating: “Telegram’s mission has always been to enable freedom of speech, but in this digital age, speech encompasses much more. We believe that users have the right to own their identities and assets. With TON Space, users now have the technology to conveniently exercise that right.”