Telegram Launches 'Gram Wallet' for Select Users

Self-Managed Wallets to Be Rolled Out Gradually

Pavel Durov, CEO of the messaging app Telegram, announced on the 1st that its self-custodial cryptocurrency wallet, "Gram Wallet," is now available to select users.

The rollout is planned to continue over the next few weeks for Telegram's more than 1 billion users. He also mentioned that the wallet's mechanism has been approved by validators, ensuring that users will not need to undergo cumbersome migration processes during future upgrades.

Validators on the TON network recently approved an upgrade called Config-123. This upgrade introduces a system where small, permanent smart contracts held by individual wallets refer to a common wallet logic managed at the network level.

With the approval of network-level software by validators, individual users can update their wallet functions without needing to migrate wallet contracts.

Durov stated, "This is just one of the innovations we have built to make non-custodial wallets practical."

Differentiation from Existing Wallets and Cryptocurrency Solutions

The Gram Wallet is designed as a solution directly integrated into the Telegram app, enabling instant P2P (peer-to-peer) transactions within chats. It supports not only the transfer of GRAM tokens but also payment functions, digital gifts, and purchases of premium phone numbers within the Telegram ecosystem.

According to "Ton Strategy," a treasury company that participated in the upgrade vote as one of the validators, the initial version of the wallet includes signature verification, transaction execution, and is designed to support features such as two-factor authentication and recurring payments.

With the launch of the new wallet, the existing wallet and digital asset solution, "Wallet in Telegram," is expected to be rebranded as "Walt."

Previously the default wallet for Telegram, the "Gram Wallet" will now become the default, while "Walt" will transition to a multi-chain financial platform. "Walt" will be accessible through Telegram's search function and is expected to handle over 300 types of cryptocurrencies across four blockchains.

Telegram has set forth a roadmap called MTONGA (Make TON Great Again).

Since April, it has improved processing speeds and reduced fees to one-sixth. Telegram has become the largest validator of the network on behalf of the Ton Foundation and has implemented measures such as renaming Toncoin to Gram.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.