Telegram Overhauls Crypto Services: Gram Wallet Defaults, Walt Rebrands
Vexoda Newsroom
Telegram integrates its new self-custodial Gram wallet as the default option for users, while its broader crypto platform, Wallet in Telegram, rebrands to Walt, signaling a strategic shift in its digi
Messaging giant Telegram is significantly restructuring its cryptocurrency services by making its newly launched self-custodial Gram wallet the default option within its user settings. This move aims to embed crypto payments and transfers directly into the daily user experience of its vast user base. Alongside this integration, the existing platform known as Wallet in Telegram has undergone a rebranding and is now operating under the name Walt, indicating a strategic division of functionalities within Telegram's growing digital asset ecosystem.
The key players in this transformation are Telegram itself, its founder Pavel Durov, the new Gram wallet, and the rebranded entity, Walt. Durov had previously announced plans to introduce a native non-custodial wallet to all Telegram applications, a vision now materialized with the Gram wallet. The Gram wallet is designed to facilitate everyday transactions like payments for services, purchases, and the acquisition of Telegram-specific digital items such as usernames and phone numbers, focusing on ease of use and accessibility for over a billion users.
This development follows a broader trend of integrating cryptocurrency functionalities within mainstream applications, aiming to bridge the gap between digital assets and everyday commerce. The introduction of a self-custodial wallet emphasizes user control over their funds, a crucial aspect of decentralization that resonates with many in the crypto community. The original Wallet in Telegram, now Walt, was initially focused on holding and trading Gram (formerly Toncoin), but its evolution into a comprehensive platform highlights the expanding scope of digital finance.
While the Gram wallet becomes the default for transactions, Walt is repositioned as a more advanced crypto hub. Walt will offer a wider array of financial services, including trading across more than 200 cryptocurrencies and support for over 300 assets on multiple blockchains. Furthermore, Walt is expanding into tokenized traditional assets, featuring over 100 tokenized stocks and ETFs, alongside sophisticated financial products like crypto yield services and perpetual futures trading for a diverse range of commodities and digital assets.
The strategic split between the Gram wallet and Walt suggests a clear demarcation: Gram for seamless, everyday payments and transfers within Telegram, and Walt for more complex trading, investment, and diversified asset management. This dual approach allows Telegram to cater to both novice users seeking simple payment solutions and experienced traders looking for a broader range of financial instruments. The interconnection between the two platforms, with Walt enabling multi-chain deposits to the Gram wallet, ensures a cohesive user experience.
For traders and users, this rebranding and functional division signify an evolving digital asset landscape within a major social platform. The emphasis on a default, self-custodial wallet could drive greater adoption of crypto for micro-transactions and in-app purchases. The expansion of Walt into traditional tokenized assets also indicates a move towards blending traditional finance with digital assets. The integration of these services into a platform with over a billion users presents significant potential for increased liquidity and mainstream crypto engagement.
Source: Cointelegraph. Summarized and rewritten by the Vexoda Newsroom. This is market news, not financial advice.