Telegram founder Pavel Durov announced plans for a non-custodial Gram wallet, potentially reaching over 1 billion users. This move could significantly impact the adoption of self-custody crypto paymen
In an announcement on July 21st, Telegram’s co-founder and CEO Pavel Durov revealed that the messaging platform is set to launch a native non-custodial Gram wallet this summer. The wallet aims to provide users with instant, fee-free cryptocurrency transactions within the app.
Telegram currently boasts over 1 billion monthly active users, making it one of the largest user bases in the world. This extensive reach could significantly enhance the accessibility and adoption of self-custody crypto payments among a broader audience, far surpassing most standalone crypto applications.
The Gram wallet is part of Telegram’s broader strategy to integrate more Web3 functionalities into its platform. In recent weeks, The Open Network (TON), closely integrated with Telegram, announced plans to rename its native token from Toncoin to Gram, reviving the original name used in their 2018 white paper.
This move comes after Telegram abandoned its initial blockchain project following a settlement with the US Securities and Exchange Commission in 2020. The Gram rebrand is seen as a step towards expanding crypto services within Telegram while aligning more closely with Web3 principles.
The launch of this wallet could have significant implications for the cryptocurrency market, particularly regarding user adoption and self-custody practices. Given Telegram’s massive user base, even limited adoption among users could substantially increase access to peer-to-peer crypto payments.
Traders should monitor how other platforms respond to this development, as it may set a new standard in integrating cryptocurrencies into mainstream messaging apps. Additionally, the success of Gram wallet could influence the broader Web3 ecosystem and potentially impact trading volumes on related networks.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.