Telegram unveils TON Space, a self-custodial crypto wallet, to its 800 million monthly active users

Three years ago, prominent messaging app Telegram unveiled its plan to build a Web3 ecosystem. However, the SEC blocked its path. But today at the Token2049 event in Singapore, Telegram finally unveiled TON Space, a self-custodial crypto wallet, to its vast user base of 800 million monthly active users.

Effective immediately, Telegram Wallet users can access TON Space, as per reports. Telegram Wallet, a bot facilitating cryptocurrency transactions, will offer users the gateway to this self-custodial wallet.

Global access to TON Space is slated to commence in November, with users outside the United States and select other countries gaining access. The release marks the culmination of extensive development efforts, which initially began with Telegram’s ambitious TON project in 2018.

This move comes at a time when the United States is experiencing a shift in regulatory sentiment, with the SEC grappling to curb the surging popularity of cryptocurrencies, despite ongoing legal battles like Ripple vs. SEC.

John Hyman, Telegram’s Chief Investment Officer, said in a statement that this is the “largest Web3/Web2 partnership there has ever been.” In fact, the latest move will put ownership rights in the hands of the user base. The executive added;