The Crypto Wallet Integrated with Telegram Now Offers Crypto Trading and Yield-Generating Features

Telegram’s crypto wallet, developed by third-party company The Open Platform (TOP), has introduced new features for users who engage with Telegram beyond messaging. These updates include multi-asset trading and yield-generating options.

Built on the TON blockchain, TOP launched the wallet in 2023. The company reported that over 100 million users have signed up for a Wallet account on Telegram, with most being newcomers to the crypto space.

Expanding Beyond Toncoin

Initially focused on Toncoin, which can be used within Telegram for tipping creators and paying for mini-games and apps, the wallet also supports Bitcoin and USDT on the TON blockchain. Since its launch, it has expanded to include other currencies like Notcoin.

With this update, TOP states that users can now buy, sell, and hold crypto without requiring on-chain deposits, simplifying the process for newcomers to crypto trading and storage.

New Earning Opportunities for Toncoin and USDT Holders

Additionally, the company is introducing an earning feature for users who hold a certain amount of Toncoin. While the average yield is around 4%, it will fluctuate based on validator rewards. Later this year, TOP plans to extend yield options to USDT holdings and introduce loyalty programs benefiting Toncoin holders.

The Telegram Wallet has also received a redesign, featuring a new bottom navigation bar and a streamlined way to switch between the Wallet, Trade, and Earn sections.

TOP’s CEO, Andrew Rogozov, stated that the update expands Wallet’s capabilities to align with consumer expectations for an open and expansive market. With these changes, Wallet now functions as a full-fledged crypto platform within Telegram while maintaining its simplicity and accessibility. He also mentioned plans to introduce a loyalty program for Toncoin holders to further drive adoption of the TON ecosystem.

The updated wallet will begin rolling out to users between March and April. However, TOP noted that certain features may be restricted in some countries due to local regulations.

In December, Telegram’s founder, Pavel Durov, announced that the company had reached profitability. With over 950 million monthly active users, Telegram has benefited from cryptocurrency integrations, particularly through content and mini-app payments.

Read the original article on: TechCrunch

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