Key Takeaways:
- This summer the Telegram project will release a native non-custodial Gram wallet.
- Users will be able to transfer crypto without any fees being charged and at instant speeds.
- The launch could introduce self custody crypto to more than 1 billion individuals.
Telegram is in the works to possibly become one of the largest consumer crypto entries to come along in years. This summer, the messaging app will introduce a non-custodial wallet called Gram in every Telegram app and provide more than one billion users with direct access to self-custodied digital assets, Founder Pavel Durov announced.
Telegram Bets Big on Self-Custody
In a post Telegram, Durov described the launch as “the largest rollout of a non-custodial crypto wallet in human history.” He also revealed that users will be able to send cryptocurrency instantly with zero transaction fees, making crypto payments as simple as sending a message.
A non-custodial wallet enables users to have total custody of their assets, while custodial wallets put their private keys into someone else’s hands. It is in line with one of the tenets of crypto, which places control over funds directly in the user’s hands rather than over centralized intermediaries.
While the announcement did not provide any specific parameters or release date, Telegram remains another crucial milestone in introducing blockchain services into typical communication channels.
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Crypto Inside the Messaging App
By integrating the wallet with each version of Telegram, high user adoption will be made even easier and users won’t need to download a separate wallet. When adopted broadly, users would be able to send, receive and handle digital assets without having to come out of conversation.
Gram Returns to the Spotlight
The announcement is also a sign of Telegram’s active engagement in the Gram ecosystem. The name is a nod to the first cryptocurrency that was launched in Telegram’s initial blockchain proposal in 2018, which was later scrapped due to regulatory issues.
Recenly the entire TON ecosystem is shifting their focus to restore Gram identity and promote Web3 services on the top of the Telegram ecosystem. The native wallet represents one of the most visible consumer-facing products in that strategy.
Read More: Kentucky Bill Sparks Crypto Shock as Hardware Wallet Backdoor Threatens Self-Custody
A Potential Milestone for Crypto Adoption
Telegram surpassed one billion monthly active users, giving the Gram wallet a potential audience unmatched by almost any standalone crypto application.
Scale Could Change the Industry
Once Telegram does enable wallet functionality, presumably at least a portion of its users will use the wallet, which could significantly boost the global adoption of self-custody wallets. Fast and free transfers can also spur adoption of P2P payments, tipping and international transfers within Telegram’s ecosystem.
The statement comes as big tech firms push further into the space for financial services that utilises the blockchain. By integrating all three, Telegram is making crypto a default feature of the application, and not a standalone one.
With over 935,000 views on Durov’s announcement within its first 10 hours, interest in the rollout is already high. In terms of the wallet, Telegram has contended that this would be one of the largest in reality deployments for mainstream users of crypto infrastructure ever this summer.
The post Telegram Unveils Native Gram Wallet for 1 Billion Users With Zero-Fee Crypto Transfers appeared first on CryptoNinjas.
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