What happened?
Telegram has introduced a self-custodial crypto wallet called TON Wallet for its US users, natively embedded within the app itself. This makes it the first instance of a self-custodial wallet being integrated into a mainstream messaging platform in the US. Now, Telegram users can manage and send cryptocurrency directly through chats without needing external downloads or add-ons.
Who does this affect?
The integration primarily affects Telegram users in the United States, a significant number of whom use the app regularly. With over 87 million Telegram users in the US, this launch provides them with new financial tools directly within the platform they already use. This move could potentially lead more users to engage with cryptocurrencies, as it simplifies access and usability.
Why does this matter?
This development can significantly impact the cryptocurrency market by increasing adoption, as it brings digital assets into the everyday communication tool of millions of users. By embedding a wallet directly within Telegram, users can easily access DeFi services and manage digital currencies, potentially boosting transaction volumes and liquidity in the market. It also positions Telegram as a key player in the Web3 ecosystem, leveraging its vast user base for enhanced cryptocurrency interaction.