Crypto wallet integrated with Telegram introduces crypto trading and yield features

TOP’s Telegram wallet add crypto trading, yield features and multi-asset trading.

: The Open Platform (TOP) integrated new capabilities for crypto trading and yield on Telegram's wallet. The wallet already boasts a user base of over 100 million, primarily new to the crypto world, supporting major cryptocurrencies like Toncoin, Bitcoin, and USDT. TOP aims to simplify trading by removing on-chain deposits and adding yield incentives for Toncoin holders, with plans for USDT yields later. Updates include a revamped navigation and emphasize Telegram’s profitability, with future loyalty programs for adopters.

Telegram has taken a significant step forward in the crypto ecosystem by integrating advanced crypto functionalities into its platform. This development is courtesy of The Open Platform (TOP), a third-party that launched the Wallet feature on Telegram in 2023 based on the TON blockchain. According to TOP, the Wallet feature has already gained substantial traction, boasting over 100 million users majority of whom are newcomers to cryptocurrency. The initiative marks a rapid growth in how mainstream platforms are leveraging blockchain technology to expand utility and user engagement.

At the heart of these new updates are multi-asset trading and yield functionalities. The Wallet initially supported Toncoin—used primarily within Telegram for creator tipping and payment for mini-games and apps—alongside Bitcoin and USDT. However, the recent updates allow users not just to trade these but also to manage and capitalize on their crypto holdings without requiring any on-chain deposits. This development removes barriers for new users who are less familiar with on-chain processes, thus promoting a quicker and easier adoption process.

TOP has also introduced an earning component tied to Toncoin holdings, where users can earn an average yield of 4%, subject to variation depending on validators' rewards. This will expand later in the year to include yield opportunities on USDT, coupled with loyalty programs aimed at enhancing user participation in the TON ecosystem. TOP's CEO Andrew Rogozov highlighted these changes as upgrades that could transform Wallet into a comprehensive crypto platform, expanding its market reach while maintaining accessibility.

The Wallet has also undergone a design overhaul aimed at improving user interface and navigation. This new design includes a bottom navigation bar that simplifies switching between the Wallet, Trade, and Earn sections. Pavel Durov, Telegram’s founder, stated that cryptocurrency integration has bolstered the platform's profitability, contributing significantly to its burgeoning monthly active user base, which stands at over 950 million.

Overall, Telegram’s latest update represents a milestone in how global messaging platforms are evolving through blockchain and DeFi tools. These changes aim not only to attract new users into the crypto space but also to offer existing users sophisticated financial tools. However, it's important to note that the availability of these features will depend on regional regulations as indicated by TOP, suggesting a localized approach to its global rollout.

Sources: TOP, Telegram, Statements by Andrew Rogozov, Pavel Durov

cryptoDeFiblockchain