Ton coin surges 10%, as Telegram integrated Ton crypto wallet

After three years, the Telegram platform integrated Ton Wallet in its P2P messaging app. 

Telegram is a popular P2P messaging platform. This messaging platform also provides big-sized file (audio, video, PDFs, etc.) share services. In 2017, Telegram jumped into the crypto sector with its ICO project but the United States Securities and Exchange Commission (SEC) sued Telegram for unregistered securities offerings. In 2020, Telegram suspended its crypto project plan & returned funds to all the ICO investors.

During the Token2049 event in Singapore, Telegram disclosed its crypto wallet. Its new crypto wallet called TON Space will be available to all of its 800 million customers globally.

Following this news, the trade price of the TON coin surged by 10% within a few hours. 

Since the last couple of years, the Telegram team pushed several development works to support crypto services within the Telegram app via Telegram Bots. 

Telegram & ban 

In late 2021 China imposed a national blanket ban on the crypto sector but in recent months a report noted that some bad actors in China use Telegram to trade drugs via using its crypto payment feature, which is fully illegal in every country.

In late August of this year, Somalia banned TikTok, Telegram app, & 1xbet gambling app. Somali authorities issued an order to all the telecom service providers to block all these mentioned apps, to keep citizens away from such apps. 

In the present time, the majority of countries are not clear with crypto adoption plans with proper rules & regulations. In particular, the majority of the crypto companies are facing regulatory pressure in the US jurisdiction. 

Despite these regulatory pressures, the big crypto companies are trying to jump into the crypto sector, e.g. X (Twitter), BlackRock, etc. 

Read also: Metmask adds support for Solana (Sol) Wallet