Radhika Parashar
- TON (The Open Network) was originally conceived by the Telegram team in 2017
- The aim was to integrate Web3 services within the Telegram app
- The newly launched TON Wallet will be under the oversight of the TON Foundation
Telegram has started rolling out its much awaited TON Wallet to reportedly 87 million U.S. users on Tuesday, July 22. With this, the multi-use app has overtaken its contemporaries like WhatsApp and Messenger to integrate a self-custodial crypto wallet within its platform.
The service will let Telegram users store, send, and receive digital assets from within the app itself. This will rid its userbase of the need to use external applications and extensions to facilitate crypto transactions or store their assets. In the broader picture, this feature will retain Telegram users on the app itself, preventing them from exiting it for other tasks.
The TON Foundation will be overseeing the operations of this new wallet service. In the backdrop of the development, TON Foundation’s CEO Max Crown unveiled a brand new website for the TON wallet.
Details on the website claimed that the wallet will allow users to convert crypto to cash and vice versa with a zero percent fee on the purchase of Tether (USDT).
“Access mini apps, earn cashback on bookings, and travel using Wallet in Telegram. Earn APY (Annual Percentage Yield) on your crypto balance through staking,” the website noted.
Furthermore it clarified that because the wallet is self custodial, it is not “inside Telegram” but exists on the TON blockchain. “Only you hold the private key (derived from your seed phrase), so only you can move funds or recover access. Wallet in Telegram does not store your keys or control your wallet,” the website added.
The wallet is expected to become a key point of connection for users looking to pay using crypto, explore Web3 apps, and access on-chain tools.
Telegram has 87 million Telegram users in the U.S., a CoinTelegraph report said citing data from Sensor Tower. This means, the service’s immediate rollout in the region instantly propels it into mainstream adoption. CoinTelegraph has also claimed that Telegram has pinned the wallet service to its main menu, making the app accessible across Asia, Russia, as well as EU nations.
Apart from this wallet service launch, the month of July this year has proven to be quite significant for the TON ecosystem. Last week, popular American rapper Snoop Dogg dropped his NFT collection on Telegram and clocked a sell-out in 3o minutes. Telegram also expanded its footprint in the decentralized finance (DeFi) earlier this month by enabling Ethereum-based dApps to operate from within its platform.
