Wallet on Telegram: How it Works

Imagine sending cryptocurrencies and NFTs as easily as texting a friend, or accepting crypto payments for your online store by setting up a single bot that runs within a messaging app. These are the ways in which Telegram is bridging the accessibility gap in the blockchain space.

While there is more information now than, say, twenty years ago, the blockchain technology and crypto field is still very much niche. This has slowed the adoption of blockchain innovations by the public. One major example is how virtually nothing is heard of anymore about Meta’s ambition to build the metaverse.

Telegram has recognized this problem and, through its partnership with TON Foundation, aims to close the gap by offering its messaging service as a platform for various innovations, one of which is the crypto wallet it hosts. Or perhaps one should say two wallets. In this article, we explore how things stand with Telegram.

Telegram's Native Wallet Overview and Features

Wallet is a convenient service within Telegram that allows users to trade cryptocurrencies via the messenger app. By merely chatting, users can trade cryptocurrencies like TON, USDT, etc. This is one way in which Telegram eases the TON blockchain’s current path towards massive growth. By making participation in blockchain and crypto services as accessible as merely chatting with a traditional app you’ve always used, more people would be drawn to the innovations in the field. Here are some of the most exciting of Telegram’s Wallet:

1. Custodial storage: This means that the service provider manages users' private keys. While this approach may raise concerns for some crypto enthusiasts who prefer full control over their assets, it allows Wallet to offer a range of user-friendly features and streamlined operations.
2. Support for multi-cheques: This is a unique feature that enables simultaneous cryptocurrency transfers to multiple users in Telegram channels. This functionality can be particularly useful for businesses or content creators looking to distribute rewards or payments to their audience efficiently.
3. Wallet Pay: introduced weeks ago as a new payment system that allows merchants to accept and process instant cryptocurrency payments through Telegram bots. It currently supports payments in USDT, Toncoin, and Bitcoin, opening up new possibilities for e-commerce within the Telegram ecosystem.
4. Accessibility and Functionality: the best thing about Wallet is how accessible it is. Even the most inexperienced crypto trader can get started on Telegram within minutes and start transacting securely through blockchain technology.

Wallet vs. TON Space

By design, Wallet uses a custodial storage model, which means its private keys are stored by the service provider. However, back in September 2023, Telegram, in conjunction with TON Foundation announced the launch of a new self-custodial wallet called TON Space. The new wallet was to be built by The Open Platform (TOP, formerly First Stage Labs), which partners with TON.

TON Space didn’t replace Wallet, though; and it was not intended to do so right away. Instead, both wallets operate within the Telegram app, which now features both a custodial and a non-custodial wallet. As the latter, TON Space grants users fuller control over their crypto assets and is more secure than Wallet.

However, Wallet remains the most accessible to use and allows both novice and experienced users to enjoy a range of features, including swaps, commission-free transfers, payments, promotions, P2P, etc. On the other hand, TON Space enables users to send and receive Jettons and NFTs minted on TON, as well as connect to dApps.

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TON Space: Functionality and Features

The main feature of TON Space is empowering users to store, trade, and swap various kinds of blockchain assets, including TON, Jettons, NFTs, and other kinds of collectibles. If it’s on the TON blockchain, then TON Space supports it. This appears to be a simple innovation, but it enables a host of other useful features, highlighted below:

1. Developers no longer have to worry about safety since they can create their crypto-compatible mini apps by integrating them with TON Space.
2. Using TON Connect, users can integrate TON blockchain wallets into third-party bots and services, with rewards going directly to participants’ TON Space addresses.
3. Telegram users can easily send crypto assets to their contacts via nothing but the contact’s username. Recipients can choose to accept or reject the transfer, and a recipient without TON Space will be able to create one easily.
4. TON Space helps introduce several users of Telegram (about 1 billion) to ownership of digital assets. This is particularly beneficial to users in developing countries who otherwise cannot access blockchain functionality.

Overall, it is clear that the trends in the blockchain space are tilting toward non-custodial wallets because they are more decentralized and guarantee greater security. Telegram’s approach focuses on achieving a fine balance by allowing both a custodial and a non-custodial wallet on its platform, both of which work with simple chats.

Crypto Investing Made Easier | Flagship

Not only is it easy to store and transact crypto on Telegram now, it’s also easy to boost your earnings through reliable investments made directly in Telegram. Flagship FYI enables this by providing users access to portfolios curated by experts. Users also get the chance to include tokens from any chain they wish.