Toncoin (TON), the native cryptocurrency of The Open Network, surpassed Solana (SOL) this Tuesday (20) and became the tenth largest digital asset by market value, according to CoinGecko.
In the last week, the price of the cryptocurrency jumped more than 30%, driven by the launch of a self-custody digital wallet by the popular messaging app Telegram in partnership with TON.
TON, Toncoin e Telegram
According to the announcement, the wallet named TON Space will be available to all users of Telegram Wallet, a bot that allows Telegram users to buy and sell cryptocurrencies.
Later, from the month of November, the wallet service will be available to all global Telegram users – excluding the US and some other countries.
“Telegram’s mission has always been to enable freedom of expression, but freedom of expression is much more important in this digital age. We believe that users have the right to own their identities and assets. With TON Space, users now have the technology to make this convenient,” said John Hyman, Telegram’s chief investment officer in announcing the integration.
Shortly after the announcement, the price of TON jumped more than 10%. At the time of writing this article, the crypto asset is costing US$2.43. The weekly increase saw TON record the biggest increase among the 100 largest cryptocurrencies on the market.
The TON network was launched by the messaging app Telegram in 2018. However, after a lawsuit from the Securities and Exchange Commission (SEC), Telegram had to abandon the project.
At the time, Telegram reached an agreement with the regulatory agency and paid a fine of US$18.5 million. Additionally, it refunded investors’ unused funds. Thus, since 2020, TON has operated as an open source community project.