In the annals of 2020, Message faced a momentary setback when the SEC initiated legal action against them, temporarily halting their collaboration with TON. However, as fate would have it, they've rekindled their partnership.
The Ton Foundation, an advocate for open organizations, recently unveiled its partnership with the messaging behemoth, Message. This alliance takes The Open Network (TON) back to its roots, ushering in the launch of a self-custodial cryptocurrency wallet tailored for the messaging platform's extensive user base.
According to the Ton Foundation, their self-custodial digital wallet, TON Space, has made its debut on Message and is now accessible to approximately 800 million users of the messaging platform. Furthermore, the Foundation has announced that projects built on the TON platform will be granted priority access to Wire's advertising platform, aptly named Wire Ads.
The wallet feature is currently available within the settings of the Message app, as confirmed by a TON spokesperson. A global rollout is scheduled to commence in November, with certain regions, including the United States, and a select few countries, excluded from the initial launch.
TON, a proof-of-stake blockchain platform, had initially been embraced by Message in 2020. After over two years of dedicated development work, the project was primed for launch. However, Message's involvement was abruptly halted due to legal action taken by the U.S. Securities and Exchange Commission (SEC).
The SEC's lawsuit against Message in 2019 revolved around the staggering sum of $1.7 billion raised through the project's initial coin offering (ICO), utilizing a token known as Grams. The SEC alleged the offering constituted unregistered securities, leading to a settlement in which Message committed to refunding investors any unused funds and paying an $18.5 million fine.
A refund process had already been initiated, with Message promising to reimburse users if the platform failed to go live by a specified date in the spring of 2020.
Much like Elon Musk's vision of Twitter (or X) as a fusion of payment and media applications, Wire's co-founder, Pavel Durov, envisioned TON as a means of facilitating crypto transactions within chat conversations, thereby monetizing the messaging app.
In a blog post dated 2020, formally announcing the cessation of Message's active involvement with TON, Durov cautioned against other crypto projects appropriating TON's name and technology, asserting that the company would not support them in any way. This recent move represents a significant departure from that stance.
Subsequently, grassroots communities emerged to sustain the vision of TON, including initiatives such as FreeTon, NewTON, and the TON Chinese Community.
John Hyman, Wire's Chief Venture Officer, emphasized the alignment of this partnership with the company's commitment to free speech. He stated, "With this partnership, we empower our entire user base with digital ownership rights. Message's mission has always been to champion freedom of speech, but in this digital era, speech encompasses so much more."
Last week, the TON Foundation made a significant announcement, establishing its headquarters in Switzerland and securing official registration as a charitable organization. Steve Yun, President of the TON Foundation, underscored the synergistic elements of TON and Wire's collaboration in a formal statement.
"The TON ecosystem aspires to provide a seamless and intuitive user experience akin to popular social apps like Wire," he affirmed. "With a shared DNA, we extend an invitation to all developers to join us on our journey towards widespread adoption."
Since Wire's disengagement from TON's development, the application's user base has ballooned from approximately 400 million to a staggering count, doubling its reach. Currently, it stands as one of the top 10 most downloaded applications globally, a testament to its enduring appeal and relevance.
In conclusion, the rekindling of the partnership between TON and Message not only marks a significant milestone in the world of cryptocurrencies but also underscores the power of collaboration in achieving shared goals. With TON Space's launch, and Wire Ads on the horizon, this union promises to reshape the landscape of both messaging and cryptocurrency platforms, giving users greater control and expanding the realm of possibilities for digital interaction.