Telegram, on Monday, announced that it would not integrate the TON wallet with its existing encrypted messaging platform at its blockchain launch.
The company also clarified that the official wallet platform for Gram tokens would act as a stand-alone platform initially and have no advantage over other third-party wallets for its digital currency.
“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 and will not be integrated with the Telegram Messenger service. In this regard, the TON Wallet is expected to compete with any other wallet applications designed and offered by third parties,” the announcement stated.
The company, however, kept the door open for such an integration in the future.
“Telegram may integrate the TON Wallet application with the Telegram Messenger service in the future to the extent permitted under applicable laws and governmental authorities,” the company added.
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SEC’s interference disturbing the initial plans
This came amid the resistance faced by the company because of the charges by the United States’ Securities and Exchange Commission (SEC) for selling unregistered securities.
The company stressed that the Gram tokens are not an investment instrument as they can only be used as a mode of exchange on the upcoming blockchain.
“…you should NOT expect any profits based on your purchase or holding of Grams, and Telegram makes no promises that you will make any profits,” Telegram noted.
Forced by the SEC’s lawsuit, Telegram had to postpone the launch of its blockchain from the end of last October to April 2020. Notably, investors of the tokens also supported the decision as the company promised to invest another $80 million in its blockchain project.
Meanwhile, the SEC recently requested a court order, alleging that the messaging company was not complying with the investigation and refused to hand-over the financials of its billion-dollar ICO.