Converting Telegram to Web3 with Toncoin

September 16, 2023

Telegram is getting its own self-custodial wallet

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GM 👋

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Matt & Vineet

Telegram integrated TON network’s web3 wallet natively into its app.

It’s a self-custodial wallet called TON Space.

Until now, they had 2.5 million registered users.

With 800 million monthly active users on Telegram, the TON network is going to 100x their user base by 2028.

You can get the wallet from Telegram here (with a super simple set up).

Once you have it, you can access it directly from the Menu (except in the US).

For now, you can only buy USDT, BTC and Toncoin.

Add funds easily either by using a bank card, P2P Market or simply depositing crypto from another wallet.

What is Telegram up to?

The team claims that they aren’t getting into Web3, but they want to add value to its web3 users.

They are sort of becoming a “super app”, similar to WeChat … with a key difference.

Telegram is opting for a more decentralized route, rather than WeChat which controls the payments app.

Telegram is building this ecosystem of third-party mini apps that can access its web3 users by integrating with TON Space Wallet.

Why do you need TON Space?

This opens the door for developers to build crypto-compatible apps on Telegram where they can manage the flow of digital assets through their projects.

Here are 2 ways we think the TON Space wallet can be used:

1) Community-access

Managing a TG community and user access is not easy. You have to use third-party solutions to allow users to access the group.

Imagine having NFT in your TG wallet that grants you access to a particular group.

Should make the process 10x better.

2) P2P Crypto Payments

Now TG users can make crypto payments to each other within the app itself. Building a payment system can itself lead to developers building different sorts of apps on Telegram.

What if you could order a Starbucks coffee via Telegram?

Or pay a tip to someone on TG who helped you.

We’re excited about TON Space!

How about you? We’re curious to know…

Parallex: $4.5M

Global payment platform Parallax raised $4.50M in a Seed funding round led by Dragonfly Capital, with participation from Circle Ventures, General Catalyst, gumi Cryptos Capital, Palm Drive Capital, Comma Capital, Firsthand Alliance, Balaji Srinivasan, Zach Abrams.


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