Crypto wallets are an essential part of the crypto space. Without them, you can’t make any transactions. In other words, transactions are at the core of the crypto space. Now, Telegram may have dropped a game changer.
It launched its own Telegram Wallet. With 800 million users, this can be a stepping stone to a global audience. So, let’s take a closer look at this Telegram Wallet.
Telegram wallet is the next big thing in crypto.
Over 800 million users will manage assets in the app.
Discover the incredible potential 🧵 pic.twitter.com/GzMwSqu7IA
— dealer.eth (@dealerdefi) September 13, 2023
The New Telegram Wallet
The new Telegram Wallet is bound to become a game changer in the crypto space. This wallet runs on the TON Network, The Open Network. However, the original name was the ‘Telegram Open Network’. The SEC halted this original project. Apparently, because it violated the securities law.
The community picked it up a year later. They rebranded the name to ‘The Open Network’ instead. This had indirect support from Telegram. Thus, they successfully bypassed the SEC.
On September 13th, Telegram came up with a big announcement during the TOKEN2049 conference. This was in Singapore. Steve Yun from the TON Foundation and John Hyman from Telegram stated that it would integrate TON as their blockchain of choice. This included their Telegram Wallet. As a result, the TON token has surged ever since. During the last 30 days, it went up by no less than 81%.
Wallet is now seamlessly integrated into the latest version of the @telegram. Starting today, current @wallet_tg users can access their personal wallets directly in the Telegram Menu. pic.twitter.com/2oispfC1LD
— Wallet in Telegram (@wallet_tg) September 13, 2023
Some advantages include, for example, that there’s no need to switch apps. This makes it easy for first-time crypto users. Onboarding is easy and straightforward.
Telegram bots already made their mark on crypto trading. They already count for $250M in total trades and $10M in daily transactions. These numbers are bound to increase even further. Once you install the wallet, it offers a user-friendly UI. For example:
- Top up with your bank card.
- Choose your preferred currency.
- Buying and trading cryptocurrencies are only a few clicks away.
The picture below shows the number of monthly active Telegram users worldwide. This was between March 2014 to November 2022. In September 2023, there were already 800 million users.
Source: Statista
The TON Ecosystem
The feature that stands out on the telegram Wallet is the TON Space. This is where the users and the crypto space meet. This is their self-custodial wallet. The TON Foundation aims to get 33x more TON platform users. This should boost the TON token even more. By 2028, this should be around 500 million users.
Currently, there are around 15 million Web3 users. That’s across all major chains. This will put TON in the driving seat. In November 2023, the worldwide roll-out will start. However, it will exclude the US. On the other hand, the 2.5 million existing users can start using the Telegram Wallet straight away. They can enter the TON Space and take full advantage. You can do this from your menu.
Some features you can use include Toncoin, Jettons, and Collectibles. In-app staking and swaps are soon to follow. There will also be an option to have various accounts. The TON Space will support multi-addresses.
The TON Space also allows devs to build and deploy apps on TON. Users can authorize Dapps and sign transactions, without leaving Telegram. You can also connect other wallets to your Telegram Wallet. This allows for massive flexibility. The picture below shows the projected growth for TON.
Source: Twitter
Conclusion
The new Telegram Wallet looks like a game changer for the crypto space. It has the potential to become the most popular crypto wallet around. Telegram has 800 million users, and soon all will have access to this new wallet. Telegram uses the TON blockchain for this, and we saw a surge in the TON token price.
The current TON price is $2.47. Its market cap is $8.5 billion. There’s an unlimited max token supply. The total supply is 5 billion TON tokens. However, out of these, 3.4 billion currently circulate.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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