Telegram’s self-custodial crypto wallet, created by the third-party company The Open Platform (TOP), has launched new features for users beyond just messaging. The updates include multi-asset trading and yield options.
Launched in 2023 on the TON blockchain, the wallet has attracted over 100 million users, most of whom are new to cryptocurrency. It primarily supports Toncoin, which can be used for tipping creators or paying for mini-games and apps on Telegram, and also accepts Bitcoin and USDT (on the TON blockchain). Recently, it has added support for other currencies like Notcoin.
With the latest update, users can buy, sell, or hold cryptocurrencies without making on-chain deposits, simplifying the process for newcomers. Additionally, TOP is introducing an earning feature for holding Toncoin, although the specific yield percentage and required amounts have not been disclosed. Plans are in place to offer yields for USDT and launch loyalty programs for Toncoin holders later this year.
The Telegram Wallet has also been redesigned, featuring a new navigation bar for easier access to Wallet, Trade, and Earn sections.
“This update enhances Wallet’s functionality to meet consumer expectations for a broad market. Now, Wallet operates as a comprehensive crypto platform within Telegram while remaining user-friendly. We aim to implement a loyalty program for Toncoin holders to promote the TON Ecosystem,” stated TOP’s CEO Andrew Rogozov.
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The new wallet features will begin rolling out in March and April, though some may be limited in certain regions due to local regulations.
Last December, Telegram founder Pavel Durov announced the company had become profitable, with over 950 million monthly active users. Cryptocurrency integrations have positively impacted the company’s revenue through content and mini-app payments.
SOURCE: TECH CRUNCH
