Telegram wants to solidify its presence globally, as it has grabbed the attention of more than 800 million active users monthly.
Telegram is ready to solidify its presence in the crypto world and has planned to get a self-custodial crypto wallet. This move will help Telegram become vibrant in the crypto community. The reason is that Telegram is widely used and appreciated in the crypto community. Therefore, the Telegram management thinks it can drive the masses to its own crypto space.
According to TechCrunch, TON Foundation and Telegram have jointly announced this self-custodial wallet. The name of this wallet is TON Space. This announcement came on mainstream media on Wednesday, and the event was Singapore’s Token2049 crypto conference. Interestingly, almost 10,000 people attended this conference. After the FTX implosion, the situation in the crypt market is a bit different. People do not believe much in centralized wallets and love using self-custodial ones. These wallets give users control over their digital assets.
The most crucial aspect of TON Space is that Telegram does not build it. The reason is that Telegram and blockchain have a complicated relationship. Therefore, we find that TON Foundation is in partnership with Telegram.
The reports confirm that The Open Platform (TOP) is behind the wallet. It has a venture-building division and a wallet development team. The TOP Labs has a fantastic TON-based app portfolio where you can find various apps. Moreover, it has been working closely with this specific ecosystem, TON.
TON Space will be available for the users of Telegram globally. The wallet will start working in November. The Telegram users will not need to register themselves for wallet registration. This new feature is the upgrading and extension of the Telegram wallet. Overall, it is a custodial version; interestingly, three million registered users are on the Telegram wallet.