Telegram Open Network (TON) And Wirecard To Deliver Innovative Financial Technology Solutions

TON Partners With Wirecard

Among the many types of firms that have gotten into the crypto space in the last few years, social media platforms seem to be at the forefront. For example, Facebook is rumored to be in the process of developing their own cryptocurrency, after making a series of crypto-related acquisitions. One of the most active, however, is Telegram, a social media messaging platform.

They launched their Telegram Open Network in 2017 after raising millions of dollars in funding through an initial coin offering. Since then, the project has made great strides as it has been moved to a private beta testing mode which is highly indicative of progress being made. Now the Telegram Open Network labs are expanding its product development by partnering with Wirecard to develop new digital financial products. Wirecard is a German financial services provider and the official statement of their partnership was made on April 17, 2019.

“The addition of TON Blockchain to Telegram's growing ecosystem is opening new opportunities for business and technological innovation,”

Alexander Filatov, managing partner at TON Labs, commented in the press release,

“We are excited to partner with one of the world's most dynamic and innovative financial technology companies to bring synergetic new generation fintech solutions to the market.”

For now, details of what exact offerings the two companies will be creating with their new venture have not been revealed. However, Wirecard has stated that the details will be released in due time as the project unfolds.

“Their [TON Labs’] immense experience in highly scalable technology and decentralized solutions, as well as the strong global growth of Telegram messenger, will be instrumental for the success of our joint program,”

Wirecard’s executive vice president of group business development, Georg von Waldenfels, added.

New Financial Services

While this partnership, and the products that will be created as a result, are a testament to the growth of the Telegram Open Network, it is also quite telling that the partnership intends to produce digital financial products, especially when it is considered that Telegram is a social media platform primarily.

At the same time, it is not entirely surprising because digital financial products have become one of the most popular offerings of the crypto industry. This is because the financial industry has been one of the quickest and most enthusiastic sectors to embrace crypto because of its lucrative nature and also because of the immense institutional funds that are being pumped into the industry.

Even as the industry matures and more institutional funds find their way into it, we can expect to see more of these types of partnerships and more digital financial services being offered