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Social media platform Telegram has launched its integrated TON Wallet in the United States, allowing users to send, receive, and manage cryptocurrency directly within the app.
Developed by The Open Platform (TOP) and built on the TON blockchain, the wallet eliminates the need for additional downloads, browser extensions, or separate logins, making it easier than ever for users to engage with digital currencies.
Telegram Launches TON Wallet
With the rollout commencing this week, the TON Wallet is designed to enable seamless transactions, allowing users to send stablecoins and other digital assets to their contacts as a text message, marking a significant milestone for the platform, as it is the first self-custodial crypto wallet to be embedded into a mainstream messaging platform in the US market.
Globally, the wallet has already gained substantial traction, with over 100 million users activating their wallets throughout 2024. The US launch had faced delays due to regulatory uncertainties, but according to Andrew Rogozov, CEO of TOP, the evolving regulatory landscape has made the US a more appealing opportunity for expansion.
He noted that there is a considerable number of crypto users already on Telegram, describing the wallet as a crucial component of the platform’s infrastructure that will allow users to store assets and engage with Telegram’s expanding array of Mini Apps.
Rogozov emphasized the wallet’s mission to minimize friction in the cryptocurrency experience, stating, “This is basically what crypto is trying to solve, especially at the global scale, by removing all the borders.”
The wallet features a split-key backup system that ties one part to the user’s Telegram account and the other to their email, simplifying the onboarding process and enhancing security.
Competing With Cash App And Coinbase
TON Wallet also supports various functionalities, including peer-to-peer (P2P) transfers, token swaps, staking for yield, and fee-free crypto purchases through a partnership with financial technology platform MoonPay. It also offers on- and off-ramps via debit cards and connects to decentralized applications (dApps) within Telegram’s Mini Apps ecosystem.
Despite previously distancing itself from the TON blockchain after abandoning its own crypto token initiative in 2020 due to US Securities and Exchange Commission (SEC) pressures, Telegram has continued to embrace TON-based features such as tokenized usernames and collectibles.
According to CNBC analysis, Telegram’s introduction of the TON Wallet in the US could intensify competition with established platforms like Cash App and Coinbase, particularly if the platform’s crypto capabilities resonate with mainstream users.
For the time being, the wallet does not directly engage in regulated financial services but collaborates with licensed partners like MoonPay to facilitate user transactions.
Featured image from DALL-E, chart from TradingView.com
