Telegram's crypto wallet goes live to its 87 million U.S. users

Telegram has officially launched its integrated cryptocurrency wallet for users in the United States, enabling them to send, receive, and manage digital currencies directly from the app. This innovative feature, known as TON Wallet, eliminates the need for separate downloads or logins, streamlining the user experience. The TON Wallet, developed by The Open Platform (TOP) and operating on the TON blockchain, offers a self-custodial solution that empowers users to maintain control over their private keys. This launch marks a significant milestone as it is the first time a self-custodial crypto wallet has been embedded within a mainstream messaging platform in the U.S. With over 100 million users globally activating their wallets in 2024, the service is already gaining traction internationally. The U.S. rollout had faced delays due to regulatory concerns, but TOP CEO Andrew Rogozov indicated that favorable regulatory shifts and Telegram's expanding user base have made the U.S. market increasingly attractive for their services. Rogozov emphasized the wallet's role in Telegram's broader ecosystem, stating that it aims to ease the user experience by minimizing friction in crypto transactions. The wallet's unique split-key backup system, which links part of the key to the user’s Telegram account and another part to their email, enhances security while simplifying the onboarding process. Users can enjoy a range of features including peer-to-peer transfers, token swaps, staking for yield, and zero-fee crypto purchases through a partnership with MoonPay. Additionally, the wallet supports integration with Telegram's Mini Apps, further enhancing its functionality. Despite distancing itself from the TON blockchain after previous challenges with regulators in 2020, Telegram has continued to embrace TON-based features. The introduction of TON Wallet into the U.S. market could intensify competition with established platforms like Cash App and Coinbase, especially if Telegram's crypto ecosystem captures mainstream attention. For now, the wallet avoids directly offering regulated financial services, opting instead to collaborate with licensed partners like MoonPay for transaction processing.