Toncoin (TON) Surges Nearly 50% Following Telegram's Crypto Wallet Integration Announcement

Toncoin (TON), the cryptocurrency project stemming from Telegram, has experienced a substantial price increase following the announcement of its Web3 custody wallet integration.

First unveiled at the Token 2049 blockchain conference last week, the TON Foundation, responsible for developing the TON blockchain (previously initiated by Telegram), revealed plans to integrate the TON Space Web3 wallet for Telegram's 800 million users.

On September 14th, Telegram founder Pavel Durov confirmed these plans via a message to the Telegram community, stating:

"Starting November, the TON Wallet will be available in the settings and attach menu for all Telegram users outside the US and certain other countries."

In response to these announcements, the price of Toncoin (TON) has surged significantly, currently trading at $2.43 USD, marking a 4% increase in the past 24 hours and a notable 46% increase over the week.

Toncoin price movement over the past 7 days, CoinMarketCap screenshot as of 10:50 AM on September 19, 2023

According to reports, Telegram Wallet bot users can already integrate TON Space for cryptocurrency transactions. By November, all Telegram messaging app users will have access to the wallet through the Settings menu, except for US citizens and residents of some other countries.

Telegram has been planning practical wallet integration since late last year, with CEO Pavel Durov expressing interest in expanding into decentralized exchanges (DEX). This year, Telegram has also launched TON Storage—a decentralized storage project—and initiated USDT transactions within its system, demonstrating ambitions to deeply integrate blockchain technology into its messaging applications.

At the Token 2049 conference, Telegram confidently projected an increase in user base from 800 million to 1.5 billion within the next 3 to 5 years, driven by its blockchain integration strategies.

Telegram first ventured into blockchain technology in 2018, developing the Telegram Open Network (TON) as it was then known. The platform raised $1.7 billion through a private Toncoin token sale in the same year. However, Telegram shelved the project after facing SEC scrutiny over allegedly conducting an "unlawful" token sale in 2019. In 2022, community members revived the project, rebranding it as The Open Network.

Despite past challenges, Telegram remains committed to realizing its original vision and mission for the TON blockchain.