Digital economy solutions have gone as far as being integrated into messengers. What can be a smarter combination? It’s so convenient to have a tool to pay right away when you’re in the middle of a conversation with the seller or service provider, business partner, or anyone else. Let’s observe the innovation created by Pavel Durov’s team – Telegram Wallet.
Last fall, a wallet was introduced into the Telegram app. This feature was supported by The Open Network (TON), a cryptocurrency initiative founded by Durov brothers, Pavel and Nikolay. A wallet backed by TON blockchain provides access to crypto straight from the application. They can keep, pay, and receive payments, check their balance, and be notified about successful transactions. Additionally, you can sell crypto – Telegram Wallet can be used for trading. A wallet is available right inside your conversations, so it turns your usual messenger into a handy crypto app.
How Can You Use a Telegram Wallet?
Storage For Your Funds
With this new tool, users may store their assets in digital form and access them immediately inside the messenger.
Transfer and Get Money
You can simply transfer and accept cryptocurrency from other senders. This allows Telegram members to trade easily and quickly with no transaction fees.
Exchange Cryptocurrencies
The built-in cryptocurrency exchange tool enables users to swap one digital currency for another without needing to visit an external exchange.
Track Your Operations
Users may be notified of different occurrences, like deposits or withdrawals, and check their portfolios in real-time.
Use a Bot
Within the messenger, users may engage with specially trained bots capable of handling Bitcoin transactions. These bots can give market information, pick trading strategies, and notify traders about fund movements.
Pay for Stuff
The Telegram wallet has a feature for paying for different services using digital money. Users may use their digital assets to pay for goods and any online services directly via the messenger.
Crypto Onramp/Offramp Solutions Within Telegram Wallet
What is crypto onramp/offramp?
Crypto onramp and offramp refer to the processes that allow users to exchange between fiat currency (like USD, EUR) and cryptocurrency (like Bitcoin, Ethereum).
- Onramp: Converting fiat into crypto. For example, you use your bank card or digital wallet to buy Bitcoin.
- Offramp: Converting crypto into fiat. For example, you sell your Bitcoin and withdraw the money to your bank account.
Examples of Onramp/Offramp Services
- MoonPay: Integrates with wallets and apps to enable fiat-to-crypto purchases.
- Swapple: Allows crypto purchases with no KYC needed and offers seamless transactions via multiple partner exchanges.
For those who look for a fast, cheap and easy way to ramp money, Telegram Wallet provides its own convenient tool for this. Let’s observe the opportunities it provides as an onramp/offramp service.
What Currencies Are Supported by the Service?
So far, Telegram Wallet includes Toncoin, Bitcoin and USDT. To buy crypto with fiat, you can use one of the available options – USD, EUR, RUB, UAH, KZT, GBP, BYN, KRW, ILS, IDR, or AED.
What Countries Is Telegram Wallet Available In?
Telegram Wallet is available in all the countries where Telegram Messenger and digital currencies are not prohibited. It’s unavailable in China, Iran, Indonesia, Thailand, Pakistan, and Oman.
How Can I Top Up My Balance?
There are several available options to top your balance in this wallet. These are:
- Bank card;
- Bank transfer;
- P2P. Telegram will redirect you to the p2p crypto exchange app or platform where you can purchase crypto and have it sent to the wallet.
Do I Require Verification in a Telegram Wallet?
There are three levels of verification in a wallet that affect the limits for trading and purchases. The Basic one doesn’t require any documents, Plus one requires proof of identity, and Maxi requires proof of identity and residence.
The bottom line
Telegram Wallet is a convenient and inclusive offramp crypto wallet that is simple to use, cheap, and multifunctional. It’s an excellent example of the digital economy paving its way into the everyday routine of every person.
