In the last few years, various firms have entered into the Crypto space. Out of which, Social media is one of them. For instance, Facebook is developing its own cryptocurrency, after making a series of crypto-related acquisitions. Out of which, one of the most popular is Telegram, a social media messaging platform.
Telegram released its Telegram Open Network in 2017 after getting millions of dollars in the fund via Initial Coin Offering. Later the project has made a lot of progress as it was being following a private beta testing mode.
Now, the development team behind the messaging service Telegram's upcoming blockchain ecosystem Telegram Open Network (TON) has teamed up with German financial services provider Wirecard. The latest news was revealed via a press release on April 17.
TON Labs, which provides essential details about the decentralized project development, will work with Wirecard to build new digital financial products, as per reports. The latest partnership occurred just after the TON has moved to the beta testing mode, a turning point for the project as it was in the private initial coin offering (ICO) in one year.
Alexander Filatov, who is the managing director at TON Labs, said
"The addition of TON Blockchain to Telegram's growing ecosystem is opening new opportunities for business and technological innovation."
He further added,
“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.”
Until now, the details of what exact offerings both the companies will work is not specified, Wirecard saying that the details will be announced in stages without giving a timeframe.
Georg von Waldenfels, who is the executive vice president of group business development at Wirecard said, "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."
With the latest merger, and the products which will be developed are a testimony of the growth of Telegram Open Network. Also, it is believed that they will develop digital financial products, even though Telegram is a Social Media Platform.
However, there is nothing new as the digital financial products are now the most popular offerings of the Crypto Industry. The main reason is that the financial industry is one of the fastest and most exciting sectors to accept crypto as the industry has obtained funds from various sectors.