Telegram Announces New Self-Custodial Crypto Wallet

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Telegram, a chat application that boasts over 800 million users around the world, just announced the launch of TON Space, a new feature that lets users seamlessly integrate a self-custodial crypto wallet into the chat app.

The news was announced at Singapore’s ‘Token2049‘ cryptocurrency conference, a two-day event taking place from September 13th to 14th that is being billed as “Asia’s Premiere Crypto Event.”

For the move, Telegram tapped the Open Network Foundation (TON Foundation), a blockchain-based, decentralized computer network that was first developed the Telegram team but separated after issues with SEC over an initial coin offering.

Now users of Telegram have access to a secure and user-friendly wallet to manage their cryptocurrencies and digital assets. The TON blockchain can also now be accessed directly on the Telegram app.

According to the news, the global rollout of TON Space is scheduled for November. However, it will not be available in certain regions, including the United States because of the government’s strict regulatory restrictions.

The news sent the price of TonCoin, TON’s native cryptocurrency, rising. According to data from CoinGecko, the coin is up nearly 30% on the month and 5.5% over the past week.

Self-custodial wallets give users complete control over their crypto without the need to rely on third parties and intermediaries like centralized exchanges. With the fall of FTX and other troubling reports from crypto exchanges, the popularity of self-custodial wallets has been steadily growing this year.

Telegram’s goal has always been to empower individuals to take control of their data by using end-to-end encrypted chats and video that are stored securely in the cloud. Its emphasis on decentralization has made it a popular a hub for crypto and Web3 enthusiasts. The new self-custodial crypto wallet appears to fit perfectly into the company’s vision of a future not dominated by giant data-collecting Web2 companies like Meta and Google.

New Features for Buying & Selling Crypto Abound

The new self-custodial crypto wallet from Telegram is exciting news for crypto and Web3 natives that use the app — and though those numbers are difficult to determine now, it’s certainly in the millions. But Telegram isn’t the only company that’s been adding new Web3 features recently.

At Rarity Sniper, we’ve reported several stories about companies bringing value to users with new tools that make cryptocurrency easier to acquire, sell, and move . Here are two of the top stories.

First, yesterday, PayPal announced Off Ramps, a new feature that lets users and merchants in the U.S. convert crypto into USD. PayPal Off Ramps lets users cash-out their crypto directly to their bank accounts. Previously, PayPal only allowed users to buy crypto through integrations with Ledger and MetaMask.

Next, about a week ago, MetaMask announced a ‘Sell‘ feature that lets users convert cryptocurrency into fiat currencies and withdraw funds directly to their bank or PayPal accounts. For the now, the feature is available in the U.S., U.K., and select parts of Europe.

The latest features from Telegram, PayPal, and MetaMask all seem to have the same goal in mind: to push the adoption of cryptocurrency to the masses. Even as the bear market continues, moves from some of these giant companies seem to be moving the world in that direction. At Rarity Sniper, we’ll be following up on any updates to the story.

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