Telegram, the popular messaging app, has announced that it will support the TON network as its official Web3 infrastructure. This means that Telegram users will be able to access the TON crypto wallet and use TON tokens within the app. The news boosted the price of TON by 7% in the last 24 hours.
The TON network is a decentralized platform that aims to provide scalable, secure, and user-friendly services for Web3 applications. It was originally developed by Telegram, but the project was abandoned in 2020 due to regulatory pressure from the US Securities and Exchange Commission (SEC). However, a group of developers and community members continued to work on the network and launched it as a spin-off in December 2020.
Telegram CEO Pavel Durov expressed his support for the TON network in a blog post on Tuesday. He said that he was impressed by the progress and innovation of the TON team and that he believed that TON could become a leading Web3 platform. He also said that Telegram would integrate the TON crypto wallet into its app, allowing users to easily store, send, and receive TON tokens. He added that Telegram would also promote the TON network within its user interface and provide educational resources for users who want to learn more about Web3.
The announcement was well received by the crypto community and the market. The price of TON surged from $0.87 to $0.93 in the last 24 hours, according to CoinGecko. Trading volume also increased by 42% to $2.4 million. The market capitalization of TON is currently $1.8 billion, making it the 79th largest cryptocurrency by market cap.
The integration of TON into Telegram could potentially expose millions of users to Web3 and crypto. Telegram has over 500 million active users worldwide and is widely used by crypto enthusiasts and projects. By supporting the TON network, Telegram could help to increase the adoption and awareness of Web3 and decentralized technologies.