Telegram has officially launched its crypto wallet for its 87 million users in the United States, allowing seamless management of digital assets directly within the app.

This development makes Telegram the first mainstream messaging platform in the U.S. to embed a self-custodial crypto wallet.

The rollout is part of Telegram's broader strategy to expand its blockchain-based ecosystem, with the wallet already seeing global activation by over 100 million users in 2024.

Self-Custody and Seamless Integration with Telegram

Built into Telegram’s interface, the TON Wallet does not require any separate downloads or logins.

It is fully self-custodial, meaning users retain control of their private keys. The wallet was developed by The Open Platform (TOP) and runs on the TON blockchain.

“This is the fundamental part of this infrastructure,” said Andrew Rogozov, CEO of TOP, describing the wallet's role in enabling storage and interaction with Telegram’s Mini Apps.

To reduce friction, the wallet features a split-key backup system. One key is linked to the user’s Telegram account, while the other is sent via email, eliminating the need for memorizing seed phrases.

TON Wallet Functionality: From Stablecoins to Staking

The TON Wallet supports peer-to-peer transfers, token swaps, staking to earn yield, and crypto purchases with zero fees through MoonPay. It also enables access to on- and off-ramps using debit cards and can connect to decentralized apps inside Telegram’s ecosystem.

“Our goal, our mission here, is to remove as much friction as possible,” said Rogozov. “And this is basically what crypto is trying to solve, especially at the global scale, by removing all the borders.”

Regulatory Shifts Enable U.S. Rollout

Despite broad adoption overseas, Telegram’s U.S. launch had been delayed due to regulatory uncertainty.

However, Rogozov noted that shifting conditions in the past year made the American market more appealing.

“We started considering the U.S. as a more interesting opportunity for us,” he said, citing both regulatory improvements and the platform's growth in the region.

Telegram had previously distanced itself from the TON blockchain after halting its own token initiative under SEC pressure in 2020.

Still, it has continued to integrate TON-based features, including tokenized usernames and NFTs through the Fragment marketplace.

A Competitive Threat to Coinbase and Cash App?

With its crypto wallet now live in the U.S., Telegram may pose a growing threat to platforms like Coinbase and Cash App, particularly as it builds out a full-service crypto ecosystem within a widely used messaging app.

By avoiding direct provision of regulated services and partnering with licensed firms like MoonPay, Telegram keeps the TON Wallet compliant while scaling its crypto offerings for mainstream use.

PHOTO: UNSPLASH

This article was created with AI assistance.