Telegram has only recently enhanced its self-custodial crypto wallet with multi-asset trading and yield features. The action is intended to further enhance the functionality of the wallet beyond its initial purpose for the Toncoin cryptocurrency, which is primarily used on the Telegram platform for tipping content creators or for payments for mini-games and apps. The wallet also supports Bitcoin and USDT on the TON blockchain, with other currencies like Notcoin to be included in the future.
The new trading features allow one to buy, sell, or hold cryptocurrencies without needing to make on-chain deposits, making it easier for new users to engage in crypto trading. Such ease is expected to attract more newcomers to the crypto platform because it simplifies issues linked to on-chain transactions.
Besides trading, the wallet also comes with a feature to earn for users who hold a minimum amount of Toncoin. Though information on the percentage yield or the amount of Toncoin to start earning has not been released, the feature will be designed to incentivize users to hold Toncoin. The company will introduce yield features for USDT holdings later this year and implement loyalty programs that will reward Toncoin holders.
The wallet is the brainchild of The Open Platform (TOP), a third party that launched the wallet in 2023. The wallet gained a lot of attention since it was launched, with more than 100 million users signing up for an account. Most users are new to the crypto world, an indication that the wallet has resonated with a greater number of users outside the existing cryptocurrency users.
The addition of these features within Telegram’s environment is a demonstration of the platform’s efforts to become a more inclusive financial hub. By drawing on Telegram’s already established user base, the wallet aims to make it easier to manage cryptocurrencies and more convenient for a larger segment of individuals. This move also is consistent with the broader trend of messaging apps and social media firms moving into financial services in an effort to provide customers a seamless experience connecting payment and communication.
Besides that, the wallet’s ease of use and lack of need for identity verification are aspects that appeal to individuals seeking convenience and anonymity. However, there are some limitations, such as custody of private keys with a third party, except for users in TON Space, which provides further decentralized control of private keys.
In the broader strategy of Telegram, the building of its crypto wallet capabilities reflects a growing interest in integrating financial services into messaging platforms. This is due to increasing demand for easy and accessible financial tools that can be seamlessly integrated into daily life. As more individuals become comfortable dealing with cryptocurrencies directly from their messaging platforms, companies like Telegram are poised to play a significant role in the future of digital finance.
