Telegram Unveils Crypto Wallet; TON Price Jumps; Here’s Why

Telegram, the popular messaging service, has on Wednesday announced the launch of its crypto wallet during the Token2049 event in Singapore. The wallet, developed on The Open Network (TON) blockchain, will be accessible to its 800 million customers across the world.

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Telegram Crypto Wallet Built On TON

The team had earlier announced that the TON-based wallet on Telegram went live for the 800 million users, as part of the new integration. With this, the TON price has increased massively at a time when the Bitcoin price remained almost flat compared to 24 hours ago. Elite Crypto, a popular crypto Twitter account, revealed the news coming out from Token2049:

“Telegram’s crypto wallet is here. After three years of anticipation, they have unveiled it at Token2049 in Singapore. Additionally, they are all in on the TON network, giving $TON token a 7% boost.”

Earlier, CoinGape reported that the TON price movement showed the formation of an inverted head-and-shoulders pattern, which is a bullish sign. It said the price break out above the immediate resistance at $2 would mean that the 50 day Exponential moving average (EMA) crosses above the 100 day EMA. This crossover is generally associated with an uptrend in the asset price.

The TON wallet bot On Telegram

In the past, developments on the Telegram crypto wallet bot were announced in association with The Open Network (TON). This is different from the latest unveiling of the dedicated crypto wallet. In August 2022, the TON Foundation announced that the wallet bot would allow users to purchase, store, and transmit cryptocurrency directly from person to person via Telegram chats.

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