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Toncoin price rallies 10% amid bold plans involving Telegram

Toncoin price rallies 10% amid bold plans involving Telegram

The TON Foundation and Telegram announced together, on September 13, the launch of a new crypto wallet called TON Space, made for Telegram users to connect to The Open Network ecosystem, governed by the native token Toncoin (TON) — which has surged over 10% in the last 24 hours.

This move intends to onboard over 30% of the total Telegram user base by 2028. Interestingly, the leading messaging platform for cryptocurrency enthusiasts is estimated to have around 700 million monthly active users.

Andrew Rogozov — CEO of The Open Platform (TOP), responsible for TON’s development — believes this will pose a great opportunity for crypto adoption to increase, as it removes one of the huge barriers, in his opinion, that is users needing to create a wallet before interacting with the blockchain ecosystem.

“First of all, you need to create a wallet. And usually, it’s a complex procedure, so the conversion to the installation of these wallets is very low… The second problem is that [website-based] wallets don’t have distribution.”

— Andre Rogozon, to TechCrunch

Ton Space will be available in most countries with access to Telegram, but not in the United States, due to straightening regulations against the cryptocurrency industry, as communicated by the team.

Toncoin (TON) price analysis

Meanwhile, Toncoin positively reacted to the bold plans involving Telegram’s user base, with TON rallying over 10% in the day, trading as high as $1.95 per token.

TON 1-day price chart. Source: CoinMarketCap

At the time of publication, TON is priced at $1.89 with 7.56% gains in the last 24 hours. Toncoin has also accumulated over 30% gains in the last 30 days, showing steady value appreciation in the period, leading the crypto market in performance.

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