Telegram's Crypto Wallet Arrives for US Users
Telegram, the popular messaging app, has now made its built-in cryptocurrency wallet available to its large user base in the United States. This means people can now manage and send digital currencies directly within the app, simplifying the process.
Easy Crypto Management within the App
The TON Wallet is now rolling out in the US, integrated directly into Telegram's interface. This wallet is "self-custodial," which means users have full control over their own digital assets and private keys.
Developed by The Open Platform (TOP) and built on the TON blockchain, this service allows users to send digital tokens, including stablecoins, to their contacts as easily as sending a regular message. This marks the first time a self-custodial crypto wallet has been directly embedded into a major messaging platform in the US market.
Global Success and US Expansion
Globally, the wallet has already seen widespread adoption, with over 100 million users activating it in 2024. The US launch had been delayed due to regulatory uncertainties, but this began to change over the past year.
The CEO of TOP mentioned that shifting regulatory conditions and the growth in Telegram's user base made the US a more appealing opportunity. He highlighted the significant number of crypto users on the platform and described the wallet as a crucial part of the infrastructure, allowing users to store assets and interact with Telegram's expanding ecosystem of Mini Apps.
Removing Barriers to Crypto Use
The aim is to make using cryptocurrency as simple as possible, removing common hurdles. The wallet uses a "split-key backup system," where one part is linked to the user's Telegram account and another to their email. This approach combines self-custody with a much simpler setup process.
Users won't need to download a separate wallet app or remember complex "seed phrases," making the whole experience more straightforward.
Wallet Features and Future Competition
The TON Wallet supports direct transfers between users, swapping different digital tokens, and "staking" to earn rewards. Users can also buy cryptocurrencies with no fees through a partnership with MoonPay. It also provides ways to convert traditional money to crypto and vice versa using debit cards, and connects to various decentralised applications within Telegram's "Mini Apps."
Although Telegram formally separated itself from the TON blockchain some years ago, it has continued to integrate TON-based features, such as unique usernames and digital collectibles.
The expansion of TON Wallet into the US could increase competition for existing platforms, especially if Telegram's crypto-enabled ecosystem gains popularity with a wider audience. For now, the wallet avoids directly offering regulated financial services, instead collaborating with licensed providers like MoonPay for handling money in and out of the crypto system.
