Telegram Launches Cryptocurrency Wallets For U.S. Users

Telegram now allows its 87 million American users to transfer and receive cryptocurrencies directly within the app.

U.S. Telegram users may now transfer, receive, and manage cryptocurrencies right within the app without the need for downloads, extensions, or additional logins.

The U.S. launch of TON Wallet, which is integrated into Telegram’s interface, is starting this week. The user is in charge of their own private keys in this self-custodial cryptocurrency wallet.

Built on the TON blockchain and created by The Open Platform, often known as TOP, the service enables users to send stablecoins and other digital tokens to their contacts which has no stress as sending a message.

According to the firm, this is the first instance of a self-custodial cryptocurrency wallet being integrated into a popular messaging app in the US market.

More than 100 million users activated their wallets worldwide in 2024, demonstrating the wallet’s widespread adoption. Regulatory uncertainty had caused the U.S. launch to be postponed. According to TOP CEO Andrew Rogozov, that started to change a year ago.

American users can now engage with the wider TON ecosystem, which encompasses a range of apps from digital marketplaces and decentralized finance (DeFi) to gaming and payments, thanks to TON Wallet. According to the company, the connection enables users to investigate blockchain technology without ever leaving the Telegram interface.

Citing a change in regulatory circumstances and the expansion of Telegram’s user base, Rogozov told CNBC, “We started considering the U.S. as a more interesting opportunity for us.”

Users can send USDT USDT $1.00, Toncoin TON $2.96, and other TON-based tokens, including non-fungible tokens, using the TON Wallet.

There are many cryptocurrency users on the network, he said, and the wallet is “the fundamental part of this infrastructure,” allowing users to store assets and engage with the expanding Mini App ecosystem on Telegram.

“Removing as much friction as possible is our goal, our mission here,” Rogozov stated. “And by eliminating all boundaries, crypto is simply aiming to solve this problem, particularly on a global scale.”

Self-custody is made possible by a split-key backup scheme, which streamlines onboarding by having one component linked to the user’s email and the other to their Telegram account.

The self-custodial design of the wallet allows users to keep complete control over their private keys, and transactions work similarly to sending a standard message, according to the company.

He went on to say, “There’s no need to download the wallet or remember the seed phrase.” “This is how we make everything simpler.”

Peer-to-peer transfers, token exchanges, yield-generating staking, and free cryptocurrency purchases via a collaboration with MoonPay are all supported by TON Wallet. It also connects to decentralized apps within Telegram’s “Mini Apps” and offers debit card on- and off-ramps.

After giving up on its own cryptocurrency token project in 2020 due to pressure from the SEC, Telegram formally separated from the TON blockchain. Since then, it has openly backed Fragment, a TON-based collectibles marketplace, and has kept incorporating TON-based features including tokenized usernames, stickers, and emoticons.

If Telegram’s crypto-enabled ecosystem becomes popular with mainstream users, TON Wallet’s entry into the US market may make it more competitive for platforms like Coinbase and Cash App.

For the time being, the wallet partners with authorized providers like MoonPay to enable on- and off-ramps rather than directly providing regulated financial services.

Token staking through third-party integrations, integrated trading tools via Omniston and Ston.fi, and 0% costs on USDT transactions made with credit cards using MoonPay or Apple Pay or Google Pay are additional features.

For the first time, users may withdraw cryptocurrency funds straight to their bank cards with TON Wallet’s off-ramp feature.

The wallet serves as the main entry point to TON’s Mini Apps, according to Egor Danilov, chief product officer at The Open Platform and Telegram Wallet, who spoke to Cointelegraph. “The wallet is essential for providing users with onchain tools, games, and payment options in a familiar setting they use on a daily basis.”

He also emphasized initiatives to protect people from phishing and frauds. “To help users make safer decisions before confirming transactions, we’re soon introducing features like whitelists, blacklists, transaction emulation, and other advanced fraud detection tools,” he stated.

TON Wallet is anticipated to contribute more to Telegram’s in-app economy and facilitate the growth of Mini Apps in addition to its use as a personal wallet.

The wallet is already accessible to users in Asia and Russia as Telegram moved it to its main menu outside of the US and Europe. The company claims that in 2024, more than 100 million users activated the wallet worldwide. With over 87 million users in the US, according to Sensor Tower data, Telegram offers the wallet a significant growth opportunity.

The Open Platform, a digital startup that specializes in developing Web3 apps for Telegram, was the main developer of TON Wallet. With a $1 billion valuation, The Open Platform announced on July 3 that its $28.5 million Series A investment round was successful. Renowned cryptocurrency venture capital firm Pantera Capital participated in the round, which was led by fintech expert Ribbit Capital.