Telegram News is a 'Massive Blow' to TON Investors
Instant messaging giant Telegram confirmed that its TON Wallet will not be integrated with their messenger service, prompting comments that this is a "massive blow to TON investors."
"At the time of the anticipated launch of the TON Blockchain, Telegram’s TON Wallet application is expected to be made available solely on a stand-alone basis," the company said, adding that the wallet is expected to compete with other wallets offered by third parties.
However, the company also said that it may integrate the TON Wallet application with the Telegram Messenger service in the future "to the extent permitted under applicable laws and governmental authorities."
Spencer Noon, investor at Doggie Tail Crypto Capital, opined that this news is a massive blow to TON investors, because "90+% of the investment thesis for TON was having Telegram as a distribution channel." Meanwhile, Wayne Vaughan, CEO of Tierion, stressed that this decision is being driven by regulation.
As reported, the American Securities and Exchange Commission (SEC) is currently involved in a legal case with the chat app operator as it seeks to block the launch of Telegram’s much-vaunted TON blockchain mainnet and Gram token. More recently, Telegram lawyers asked a United States court not to disclose the identity of its Gram token investors. As reported, the SEC filed a court order to compel Telegram to hand over bank records, testimony and other relevant documentation that would provide details of how the USD 1.7 billion raised in its initial coin offering have been spent.
Additionally, Telegram said today:
- Grams don't exist yet, nobody can buy or sell them before we announce the launch of TON Blockchain.
- We are creating a decentralized platform for everyone. Once it launches, Telegram won‘t be obligated to maintain the platform or create any apps for it. It’s possible we never will.
- Telegram won‘t be able to control the blockchain and the ecosystem after it launches.
- If you buy grams at some point in the future, this won't mean you “own a piece of Telegram.”
- Telegram is under no obligation, and makes no promise or commitment, to ever establish a TON Foundation or similar entity in the future.