Telegram’s crypto wallet, developed by a third-party company called The Open Platform (TOP), has introduced new features for people who don’t just use Telegram as a messaging app. The updates include multi-asset trading and yield functionalities.
Based on the TON blockchain, TOP launched the wallet in 2023. The company reported that over 100 million users have signed up for an account with Wallet on Telegram. Additionally, it noted that most of these users were new to the crypto ecosystem.
The wallet product has primarily been focused on the Toncoin cryptocurrency, which can be used on the Telegram platform to tip creators or pay for minigames and apps. It also supports Bitcoin and USDT (on the TON blockchain). Since the initial launch, the wallet has also gained support of other currencies like Notcoin.
Following today’s update, TOP says that users will be able to buy, sell, or hold crypto without any on-chain deposits. This makes it easier for newer users to get into crypto holding and trading.
The company is also introducing an earning component to the wallet for holding a certain amount of Toncoin. It said that while the average yield is 4%, it will vary based on validators’ reward. Later this year, TOP plans to add yields for USDT holdings and launch loyalty programs that would benefit Toncoin holders.
Telegram Wallet has undergone a makeover as well, with a new navigation bar at the bottom and an easy way to switch between the Wallet, Trade, and Earn sections.
“This update enhances Wallet’s functionality, to meet consumers’ expectations for an open and wide market. With 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 TON Ecosystem,” TOP’s CEO Andrew Rogozov said in a statement.
The new wallet update will start rolling out to users in March and April. TOP said that some features might be restricted in some countries based on local regulations.
Last December, Telegram founder Pavel Durov said that the company became profitable. The platform has more than 950 million monthly active users. Cryptocurrencies have contributed to the company’s bottom line thanks to integrations with content and mini app payments.
The story was updated after the company’s input on yield and self-custody.
