Telegram’s announcement: crypto wallet and exchange coming soon
Telegram’s announcement: crypto wallet and exchange coming soon
Crypto

Telegram’s announcement: crypto wallet and exchange coming soon

By Andrea Porcelli - 1 Dec 2022

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The Telegram app is determined to land in the crypto world with its own products, specifically a non-custodial exchange and wallet. The messaging app has always been a communication staple in the crypto ecosystem. 

The words of Telegram’s CEO seem inclined to take a step forward to more important shores in the ecosystem. 

“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies.”

Telegram and its future with an exchange and crypto wallet

The bear market is a series of many losses, where many problems of cryptocurrencies come to the surface: there is the fallout of various cryptocurrencies and the collapses, but at the same time it is the right opportunity to build. That is why the CEO of the messaging app Telegram, Pavel Durov, decided to lay the groundwork for its concrete entry into the ecosystem. 

Buoyed by Fragment’s strong sales, Durov is setting Telegram on a path to build more in-depth crypto solutions. He said the company will build a decentralized exchange and non-custodial wallets that could reach millions of users. Telegram is already a flagship messaging app for many cryptocurrency traders, providing it with a captive audience from the outset.

The collapse of FTX brought attention to the main issue of decentralization and proper transparency, so Pavel Durov, took advantage of the misfortune that everyone is talking about to launch his entry news. 

Subsequent to the sale of usernames, the Telegram group came to about $50 million, a good starting point for the next investment. 

The announcement also did well for $TON, the token linked to the project, which we can also find on OKX, the broker that is among the most attentive to new things coming on the market and which also allows us to trade on emerging crypto assets such as indeed $TON.

The good news is that the Telegram group already sees millions of users interested and introduced to the world of cryptocurrencies, with a diverse age target audience. In addition, many people will be able to enter the world of cryptocurrencies directly from Telegram, an easier way to approach the digital world. 

It is already possible to trade Bitcoin via Telegram

The ability to exchange Bitcoin was integrated directly from the Wallet Ton, allowing users to also exchange the TON token, which represents the blockchain of the Telegram social network. 

The service will be anonymous P2P, meaning that users will have to share their phone numbers in order to deposit, exchange or buy cryptocurrencies. In addition, the service will be free for buyers, but not for sellers, who will instead have to pay a 0.98% fee.

The TON Foundation, in this regard, commented:

“It is aimed towards ordinary users and provides a low entry threshold for learning about blockchain. Many services on TON are similar to the usual applications that people are already used to using.

Without leaving Telegram you can buy cryptocurrency, send it to your friends using a short nickname without long wallet addresses, get access to the internet with the @mobile bot, pay for a subscription to your favorite Telegram channel along with many other services.”

TON is finally creating its own ecosystem, entering the market head-on, an innovation that could appeal to many. It is worth noting that TON has been talked about for days now because of the announcement made by its investors in connection with the creation of a $126 million fund intended to support projects jeopardized by the collapse of FTX. 

Telegram could provide a light at the end of the bear market tunnel, its CEO Pavel Durov, is a very important figure in the world of messaging, and we are sure that he will soon be a prominent figure in Web3.

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