Messaging App Telegram Gives Endorsement to TON Project; Token Surges

Messaging app Telegram has endorsed the TON network as its blockchain network of choice for Web3 infrastructure, sending the TON token up some 7% in the past hour.

Telegram began developing the TON blockchain 2018, abandoning the project in August 2020 following legal action from the U.S. Securities and Exchange Commission (SEC) alleging that it was selling unregistered securities. The project was picked up the following year by members of its community, who formed the TON Foundation in order to keep it alive.

The messaging platform remained a favorite among crypto enthusiasts, possibly thanks to its aborted attempts to launch its own cryptocurrency.

Development of the spinoff network continued, shepherded by the Foundation seemingly independent of Telegram, though the association between the two remained. Many of TON’s most noteworthy developments used Telegram as their arena, such as a TON-built Web3 wallet available in the messaging app.