Simply put
- Telegram’s in-built crypto wallet app is now available to users in the US.
- With Ton wallets, users can buy, sell, and send cryptocurrencies directly through the Telegram app.
- The Ton Wallet is created by Open Platform, the first Unicorn company within the Ton Ecosystem.
Telegram has started rolling out its crypto wallet for users in the US, allowing transactions involving cryptocurrencies right from the messaging app.
This Tor Wallet has been developed by Open Platforms under the TON Ecosystem, which is valued at about $1 billion after a recent funding round. It was first made available to international users in September 2023.
Irina Chuchkina, the Chief Growth Officer of Telegram’s Wallet, mentioned, “The timing of the US launch was informed by product readiness and growing market potential. Until recently, the ecosystem wasn’t fully prepared for meaningful launches in the US.”
She also highlighted the integration with Moonpay for fiat currency support and mentioned that Toncoin would be traded on exchanges like Crypto.com and Kraken. Looking ahead, she intends to expand wallet access to over ten additional countries within two years.
The company noted that they revitalized their wallets for more than 100 million users worldwide last year, which could translate to even more activations among Telegram’s 87 million users in the US, based on Sensortower data.
The launch of wallets in the US is backed by the Ton Foundation, an organization promoting the development of open networks, and follows an elimination of Telegram’s messaging app’s constraints earlier this year.
Breaking news: Tonwallet is now live in the US!
US users can now access Tonwallets. Buy and trade USDT, tons, and many other tokens… pic.twitter.com/7qiyVIaICI
Max Crown, CEO of the Ton Foundation, described the US launch of Tonwallet as a significant step towards integrating distributed finances into daily life. He noted, “By using the Ton blockchain’s wallets directly on Telegram, we aim to keep everyday users engaged and eliminate barriers for intuitive access within familiar apps.”
This launch marks the first significant geographical expansion since the open platform focused on entering new markets earlier this month.
TOP, which also produces significant Ton ecosystem applications like NFT Marketplace GetGems and Token Swap Protocol.fi, recently secured $28.5 million at a $1 billion valuation.
Besides the ability to swap and send, US users will benefit from staking opportunities and zero fees on fiat transactions when using Apple Pay, Google Pay, or credit cards via MoonPay.
Initially created by Telegram, Ton faced regulatory hurdles and was ultimately picked up by community developers who launched open networks. The recent US wallet release is another step in enhancing Ton’s integration with Telegram over the last couple of years.
