Telegram, the renowned chat app with a massive user base of 800 million monthly active users, is introducing a self-custodial crypto wallet. This strategic move aims to strengthen Telegram’s presence within the thriving crypto community that has evolved from its chat platform and could potentially drive more people to engage with cryptocurrencies.
Key Takeaway
Telegram has introduced a self-custodial crypto wallet called TON Space, catering to its expansive user base and the growing interest in cryptocurrencies. This move solidifies Telegram’s position within the crypto community. However, the wallet’s global rollout excludes the U.S., aligning with the regulatory challenges faced by the country’s crypto industry.
The Birth of TON Space
The newly developed self-custodial wallet, known as TON Space, is a result of collaboration between Telegram and the TON Foundation. The TON Foundation initially emerged from Telegram’s founders but eventually split off after facing legal action from the U.S. Securities and Exchange Commission (SEC) due to an extensive initial coin offering (ICO).
The official announcement of the launch took place on Wednesday at Singapore’s Token2049 crypto conference, which attracted over 10,000 attendees. Telegram and the TON Foundation jointly revealed their plans for TON Space, showcasing their commitment to providing a secure and user-friendly crypto wallet experience.
Global Rollout and Exclusionary Measures
Starting November, TON Space will be made available globally, allowing users worldwide to access the self-custodial wallet. However, it is important to note that the United States will be excluded from this global rollout. Over the past few years, the U.S. has implemented several regulatory crackdowns on the crypto industry, leading to numerous restrictions and limitations.
These measures have compelled several cryptocurrency applications and platforms to geofence users from the U.S. market. Telegram’s decision to exclude the U.S. from the launch of TON Space aligns with this trend to avoid any regulatory conflicts.
