Telegram, one of the most popular messaging apps in the world, has announced TON as its official blockchain infrastructure in the Web3 ecosystem.
With this Endorsement, the TON network will gain exclusive promotion within Telegram, resulting in a possible increase in TON’s adoption.
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Telegram Integrates TON Network
In a recent report, Telegram integrated the TON network into its messaging user interface and accepted the network as its blockchain choice for its Web3 Infrastructure.
Within a short moment after the announcement, TON’s market price surged by 7% in an hour.
This development could increase the visibility of the network as many will be exposed to the service of the crypto network while using the messaging app.
Interestingly, John Hyman, the chief investment officer at Telegram, stated that the firm aimed to give its entire users rights to digital ownership.
Recall that Telegram Messenger started the TON (when it was known as Gram) token project in 2018 but abandoned it following the U.S. Securities and Exchange Commission (SEC) legal position.
SEC accused the company of offering and selling unregistered securities to raise funds for its business operations.
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In 2020, the SEC claimed that Telegram agreed to pay a civil penalty of $18.5 million and refund $1.2 billion to its investors.
When Telegram left the token development, TON Foundation set it up to ensure the project’s vision materialized.
Note that the TON Foundation consists of members of the Telegram community who came together to further the token development from where the messenger firm stopped.
Telegram sustained its association with the TON Foundation during the token’s development under the TON Foundation. However, the foundation worked independently of the messenger company.
Again, John Hyman, the chief information officer at Telegram Messenger, in a recent interview, also maintained that despite the EndorsementEndorsement, the TON Foundation will remain an independent decentralized organization.
He noted that Telegram will improve its messenger platform to deliver a fantastic messaging app.
According to Hyman, the messenger firm acknowledges the value of the Webs3 space but needs to take steps into it, implying that the TON Foundation will handle that aspect.
TON’s Price Nears $2 After EndorsementEndorsement
Historical data from CoinGecko shows that TON’s market value on September 13, 2023, was $1.89 at 12:06 PM EST and represents a gain of 7% in the last 24 hours.
Due to positive sentiments, the actions of bulls made the crypto asset record an approximate 10% price increment higher than its value in the past two weeks.
Impressively, there is increased buying pressure in TON’s market, evident in a 93% positive change in its 24-hour trading volume, according to data from CoinMarketCap.
Furthermore, the current Price represents an extra 33% price gain added to TON’s worth in the past month.
However, we cannot ascertain how long the positive sentiment will last, so investors should trade cautiously and consider factors that can also affect the asset before investing.
