The price of Toncoin (TON) has surged recently, up 12.14% in the last 24 hours to $1.93. This pump comes as Telegram has finally endorsed the project, over two years after abandoning it due to regulatory issues in the US back in 2020.
The U.S. Securities and Exchange Commission (SEC) had accused Telegram of selling unregistered securities with their Telegram Open Network (TON) project, similar to the case against Ripple and XRP. Thankfully, community members picked up the project after Telegram withdrew and formed the TON Foundation in 2021.
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It seems Telegram now has the confidence to endorse TON again, likely emboldened by Ripple’s win against the SEC. Major news came out of TOKEN2049 conference, where TON-based Wallet announced integration with Telegram for its 800 million users. This represents the largest Web3 onboarding event ever.
The TON Foundation and Telegram also announced an official partnership at TOKEN2049. Key points of cooperation include:
- Wallet will have direct menu access for Telegram’s 800 million users, except those in the USA. Full rollout begins in November.
- Telegram will provide priority advertising access to its platform for TON projects and partners.
- By 2028, TON plans to reach 30% of all Telegram users.
“By integrating Wallet into Telegram, we put an end to the problems associated with entering the system and opened access to cryptocurrencies for all Telegram users,” said Andrey Rogozov, CEO of TON Labs.
With this major mainstream adoption news, it’s no surprise to see the price of TON pumping. TON now has a market cap of $6.6 billion, putting it within the top 30 cryptocurrencies. As more Telegram users gain access to TON and TON-based apps, we can expect further growth ahead.
