New Features Introduced to Telegram’s Self-Custodial Crypto Wallet
Telegram’s self-custodial crypto wallet, developed by a third-party company called The Open Platform (TOP), has recently rolled out new features catering to users beyond just messaging. The updates include multi-asset trading and yield functionalities, aimed at enhancing the overall user experience.
Launched on the TON blockchain in 2023, TOP’s wallet has garnered over 100 million users who have signed up for an account with Wallet on Telegram. The majority of these users are newcomers to the world of cryptocurrencies, indicating a growing interest in digital assets.
Initially focused on the Toncoin cryptocurrency, primarily used on the Telegram platform for tipping creators and making in-app purchases, the wallet has expanded its support to include Bitcoin, USDT (on the TON blockchain), and other currencies like Notcoin.
With the latest update, TOP users can now engage in buying, selling, and holding various cryptocurrencies without the need for on-chain deposits. This streamlined approach makes it easier for beginners to participate in crypto trading and holding activities.
Furthermore, the wallet now offers an earning component for users holding a specified amount of Toncoin, although specific details on the yield percentage and minimum holdings required were not disclosed. Future plans include introducing yields for USDT holdings and loyalty programs tailored to benefit Toncoin holders.
Visually, the Telegram Wallet has undergone a makeover, featuring a new navigation bar at the bottom for seamless navigation between the Wallet, Trade, and Earn sections.
TOP’s CEO Andrew Rogozov expressed excitement about the update, stating, “This update enhances Wallet’s functionality to meet consumers’ expectations for an open and wide market. With the current update, Wallet now operates as a fully-fledged crypto platform within Telegram, while remaining as simple and accessible as ever. We also plan to implement a loyalty program specifically for Toncoin holders to further boost the adoption of the TON Ecosystem.”
The updated wallet is set to be gradually rolled out to users throughout March and April, with certain features potentially restricted in some regions based on local regulations.
Notably, Telegram founder Pavel Durov announced the company’s profitability in December, citing the platform’s more than 950 million monthly active users. The integration of cryptocurrencies for content and mini app payments has played a significant role in contributing to the company’s financial success.
