The self-custodial cryptocurrency wallet developed by The Open Platform (TOP) for Telegram has introduced several new features, including multi-asset trading and yield functions, targeting individuals who utilize Telegram beyond its messaging capabilities. These updates aim to enhance the user experience for the over 100 million users who have signed up for the Wallet on Telegram, many of whom are new to the crypto ecosystem.

Launched in 2023 on the TON blockchain, the wallet initially focused on the Toncoin cryptocurrency, which is used within the Telegram platform for tipping creators, paying for mini-games, and apps, and also supports Bitcoin and USDT on the TON blockchain. Since its launch, the wallet has expanded its support to include other currencies like Notcoin, catering to a broader range of user needs.

Following the recent update, users of the Telegram Wallet will have the ability to buy, sell, or hold cryptocurrencies without the need for on-chain deposits, simplifying the process for new users to engage in crypto holding and trading. Additionally, an earning component has been introduced for users holding a specific amount of Toncoin, although the yield percentage and the required amount to start earning have not been disclosed.

Later in the year, TOP plans to add yield functionalities for USDT holdings and implement loyalty programs tailored to benefit Toncoin holders. The Telegram Wallet has also undergone a redesign, featuring a new navigation bar at the bottom and an effortless way to switch between the Wallet, Trade, and Earn sections, enhancing overall user experience.

According to Andrew Rogozov, CEO of TOP, “This update enhances Wallet’s functionality to meet the growing expectations of consumers for an open and wide market. With this update, Wallet operates as a fully-fledged crypto platform within Telegram, maintaining its simplicity and accessibility. Furthermore, plans are in place to implement a loyalty program specifically for Toncoin holders to further boost the adoption of the TON Ecosystem.”

The new wallet update is scheduled to roll out to users in March and April, with the possibility of some features being restricted in certain countries due to local regulations. This comes after Telegram founder Pavel Durov announced in December that the company had become profitable, with over 950 million monthly active users. Cryptocurrencies have significantly contributed to the company’s revenue, thanks to integrations with content and mini-app payments.

As the crypto landscape continues to evolve, Telegram’s foray into cryptocurrency services, including the enhancement of its wallet, positions the platform as a significant player in the digital financial ecosystem, offering users a streamlined and accessible way to engage with cryptocurrencies directly within the app.