In a major development, Telegram has reportedly consented to a $300 million deal with xAI, a subsidiary of Elon Musk's organization, amid a surge in Toncoin value, which has risen by 10%.
Telegram, a leading messaging platform, has struck a preliminary deal with Elon Musk's artificial intelligence company, xAI, for a $300 million partnership. The agreement will see the integration of xAI's conversational AI, Grok, into Telegram's platform, bringing a host of advanced features to its 800 million users worldwide.
Pavel Durov, Telegram's CEO, announced the development on May 28, stating that Grok would be accessible this summer through Telegram's search bar and other in-app interfaces. The agreement reportedly includes a mix of cash and equity payments from xAI, with Telegram also set to receive half of the revenue generated from sales made through its app.
However, Elon Musk clarified that no contract has been finalized as of yet, with the deal being "agreed in principle" and formalities still pending. The integration of Grok into Telegram marks the beginning of its multi-platform rollout, starting with its vast user base.
Grok is set to offer a suite of AI features within Telegram, including built-in chatbot access, threaded chats, smart text editing, chat summaries, document digests, content creation, inbox agents, and moderation functions for group chats. Durov described Grok as the "best AI technology on the market," praising its potential to improve user experience within Telegram.
The integration of Grok positions Telegram among the first messaging apps to offer an AI assistant for conversations and tasks. This move aligns with Telegram's commitment to providing advanced and innovative features.
In a related development, TONcoin, a cryptocurrency tied to the Telegram ecosystem, witnessed a surge of over 20% following the announcement. As of May 28, TON is being traded at $3.60, boasting a market valuation of $8.9 billion. The uptick also coincided with additional Telegram developments, such as its involvement in a $1.5 billion bond sale.
Telegram had earlier decided that Toncoin would be the only cryptocurrency users could employ for in-app services. Nikola Plecas, a former cryptocurrency executive at Visa, has also joined the TON Foundation as Vice President of Payments. These combined developments signal Telegram's push to expand its AI offerings and deepen its TON partnerships.
The surge in Toncoin investments indicates growing investor confidence in Telegram's multifaceted technology roadmap, which includes AI advancements and financial strategies.
Telegram's partnership with Elon Musk's xAI, valued at $300 million, will not only integrate Grok's conversational AI into the platform but also establish TONcoin as a accepted currency for in-app services, leveraging AI technology in finance and artificial-intelligence sectors.
During the integration of Grok, Telegram aims to diversify its AI offerings, offering features such as chatbot access, threaded chats, and moderation functions for group chats, thereby aligning its technology with advanced and innovative practices. This strategic approach, further strengthened by TONcoin's growing popularity, reflects Telegram's dedication to combining technology, AI, and finance.
