Gram (CRYPTO: GRAM), previously Toncoin, rallied on Tuesday after Pavel Durov announced a rollout of a native non-cryptocurrency wallet into every Telegram app.
A Native Crypto App For Telegram?
Durov described this as the “largest rollout” of a non-custodial cryptocurrency wallet ever, enabling “zero-fee” transactions for over one billion users on Telegram.
A non-custodial wallet, unlike those managed by centralized cryptocurrency exchanges, gives holders full ownership of their private keys, and by extension, their tokens. At the same time, they become solely liable for the safety of their assets.
Currently, Telegram has a built-in cryptocurrency wallet called Wallet, which allows users to send, store and trade major tokens. However, it is operated by third-party developers, specifically entities affiliated with The Open Network, or the TON Foundation.
Back to Where It All Began
Durov’s announcement spurred a nearly 8% jump in GRAM’s price, the native cryptocurrency of Telegram, with trading volume more than doubling in the last 24 hours to $114 million.
The move was the latest step toward restoring the cryptocurrency project to its original vision by integrating it directly with Telegram.
Back in June, Durov rebranded Toncoin to its original name, Gram. Telegram also became the TON network’s “largest validator,” securing superior voting weight.
Launched in 2018 by Durov and his brother Nikolai, the TON blockchain later saw Telegram withdraw its involvement in 2020 following a legal dispute with the SEC.
Since 2020, the technology has been developed by an independent community of developers and blockchain enthusiasts, with TON Foundation being the most prominent.
Price Action: At the time of writing, GRAM was exchanging hands at $1.55, up 7.73% in the last 24 hours, according to data from Benzinga Pro.
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