Is Telegram Set to Beat Musk’s X to Payments via New Wallet?

As TON Wallet launches, Musk’s X aims to redefine the social media landscape. Dive into the competition between these tech giants.

A race between Telegram and Toncoin to reach the diamonds.
Created by Kornelija Poderskytė from DailyCoin
  • Telegram’s TON Space promises a seamless crypto experience within the app.
  • Elon Musk’s acquisition and rebranding of Twitter to X has stirred the tech world.
  • Both platforms aim to revolutionize user experience but face challenges and criticisms.

Elon Musk’s controversial acquisition of Twitter came with bold plans to create the “everything app,” a place for chatting, payments, and more. Most recently, Musk has even rebranded Twitter into X. However, with the launch of TON Space on Telegram, a new contender emerges. 

A self-custody wallet launched by the TON Foundation will now enable users to send payments directly through the Telegram messaging app. This has raised questions about whether Telegram can steal Twitter’s spot as the “Everything app” Musk hopes to build. 

TON Space on Telegram: More Than Just a Wallet

On Wednesday, August 9, the TON Foundation announced the launch of TON Space, a self-custody wallet integrated into the Telegram messaging app. The project aims to create a comprehensive Web3 solution, aiming to onboard new users to crypto. 

By the end of Q3 2023, TON Foundation expects to introduce NFT Collectibles and swapping services, enhancing the user experience. These features put Telegram on the road to becoming  a Web3 “everything app,” which was Elon Musk’s intention for Twitter. 

Since Musk acquired Twitter in April 2022 for a staggering $44 billion, the platform underwent a significant transformation. Most recently, Musk rebranded the entire platform to  “X,” with plans to transform it into a hub for messaging and payments. 

Musk cited WeChat as inspiration for his plans, a widely used social, chatting, and payments platform in China.

While Twitter has a significant global presence, especially in the West, the evolution of its user base post its transformation to X remains to be seen. Elon Musk’s ambition for X is to create a platform that offers a range of integrated services, aiming to become a super app. However, this vision has been criticized, especially considering the challenges of replicating an “everything app” model in the Western market.

Is Telegram Ahead of Musk’s X? 

Originally designed as a messaging app, Telegram has always emphasized providing a secure and private platform for users to communicate. Over the years, it has expanded its functionalities, with the recent introduction of TON Space being a notable addition. This self-custody wallet for digital assets enables Telegram to tap into the burgeoning crypto market and offer a seamless experience for its users. 

Beyond messaging, Telegram’s features have grown to include channels, groups, bots, and now integrating a crypto wallet. With its emphasis on privacy and security, Telegram has managed to attract a vast global user base, especially appealing to those concerned about data privacy.

Its focus on privacy and support for crypto payments put Telegram in a good position to capture the Web3 space. Moreover, the app already has a sizeable community of crypto enthusiasts that use it for messaging and news.

TON Coin integration puts Telegram ahead of Musk’s “X,” at least in one respect. Despite Musk’s plans, Twitter, or X, has yet to integrate its payment network, Doge or otherwise. 

On the Flipside

  • Telegram was originally behind Toncoin until US regulators clamped down on it. Since then, Telegram has officially abandoned the project and left it to the TON Foundation. 
  • With tech magnates like Elon Musk and Mark Zuckerberg eyeing the creation of all-in-one apps, TON Space faces stiff competition in the market.

Why This Matters

By integrating a self-custody wallet within its app, Telegram is positioning itself as a major player in the crypto space. If successful, TON Space could set a precedent for other messaging platforms and tech giants.

Read more about the potential of Musk integrating Dogecoin into Twitter payments: 

Twitter Wallet Progress: When Will Elon Musk Integrate Dogecoin (DOGE)?

Read more about Ethereum scaling solution zkSync surpassing Solana: 

zkSync Surpasses Solana in Weekly DEX Volume: Shift in DeFi? 

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.