Does Telegram have crypto wallet? How to use TON Space

Telegram messenger has got an internal crypto wallet TON Space, which allows its users to manage the digital currency $TON directly in the application and without intermediaries. Read more to learn about the main functions and advantages of TON Space.

What is TON Space and what's good about it?

Owners of the Toncoins can choose from a variety of authorized wallets that support this cryptocurrency, including the custodial @wallet already built into the Telegram app. But unlike this wallet, TON Space  is a non-custodial, which means that users' funds are under their constant control and are not used in centralized buying and selling transactions.

The creators of TON Space strive to attract the maximum possible number of users to it, including developers who can create compatible mini apps integrated with the TON Space wallet. Behind these plans is the idea of creating an entire ecosystem where the maximum number of functions and capabilities will be available without leaving the Telegram application. Experts note that the opportunity to invest and make payments may be of particular interest to audiences in countries where the banking system is not so well established. A comparison with PayPal comes to mind, but all this is in an ordinary, or rather unusual, messenger.

After the announcement of  the TON Space integration into Telegram, the value of Toncoin increased by 7%, and the cryptocurrency itself entered the top ten world cryptocurrencies according to CoinMarketCap. As of September 19, 2023, Toncoin was ranked ninth by market capitalization, ahead of SOL and behind Dogecoin (DOGE), which was ranked eighth.

How to access the TON Space crypto wallet?

The new crypto wallet feature is an extension to the existing version of the Telegram wallet, and its mass rollout will begin in November this year. According to Telegram founder Pavel Durov, from November 2023 the TON Space extension will be available to messenger users around the world, with the exception of the United States.

TON Space also is being integrated into the TON website. It has an "Open Wallet" button, clicking on which will redirect you to the Telegram app (which means you need to have a Telegram account to use it). The wallet interface is very simple, and resembles other common applications for managing and transferring currencies and cryptocurrencies. The wallet allows you to buy TON coins, send and receive transfers in this cryptocurrency, showing its current rate. And all these operations take place directly between users, without intermediaries. In addition, currency owners will have priority use of Telegram Ads.

Does Telegram own of the TON currency and the TON Space wallet?

In one word, no, it is not. However, in order to understand the nature of the relationship between the messenger and the blackchain system, it is necessary to delve a little into the history of the TON cryptocurrency. The TON Foundation and Toncoins were created by the founders of Telegram in 2018, and this cryptocurrency was planned to become part of the Telegram ecosystem. However, in 2020, the TON blockchain network had to be made independent from Telegram due to lawsuits against the messenger in the United States. For the purpose of developing the TON cryptocurrency, The Open Network Foundation (TON Foundation) was created.  Subsequently, The Open Platform (TOP) company was founded to develop applications integrated into Telegram, including TON Space.