Crypto: Telegram’s In-app Crypto Wallet To Offer Yield On Bitcoin, Ether...
Telegram’s crypto wallet introduces self-custodial vaults, letting users earn yields on Bitcoin, Ether and USDt directly inside the messaging app.
Telegram’s built-in crypto wallet has introduced a feature that allows users to earn returns on major cryptocurrencies inside the messaging app.
The update introduces vaults in TON Wallet, a self-custodial wallet integrated within Wallet in Telegram, enabling users to hold, send and earn on Bitcoin (BTC), Ether (ETH) and Tether’s USDt (USDT) without leaving the chat interface, according to a Thursday announcement shared with Cointelegraph.
“At Wallet in Telegram, our mission is to transform digital assets from complex concepts into practical tools for everyday life,” said Andrew Rogozov, CEO of The Open Platform and Wallet in Telegram.
The system runs on decentralized finance (DeFi) infrastructure provided by lending network Morpho, the TON ecosystem’s execution layer TAC (TON Applications Chain) and strategy provider Re7. The tools operate in the background, while users interact with a simple interface similar to a typical app wallet, per the announcement.
Related: Telegram CEO faces Russia probe over allegations of terrorism facilitation
Telegram said the goal is to make earning on crypto easier for everyday users by removing the technical steps normally associated with DeFi services, which often require multiple wallets, network bridges and external applications.
The vault strategies generate variable returns and allow users to keep control of their funds through self-custody, the announcement said. USDT vaults offer dollar-denominated earning strategies with different risk levels, while BTC and ETH vaults extend the same functionality to two of the largest cryptocurrencies, according to the announcement.
Telegram also plans to support direct deposits of native Bitcoin and Ether, which will automatically appear in wrapped form within the TON ecosystem to enable transfers and earning features.
Wallet in Telegram claims to have more than 150 million registered users.
Source: CoinTelegraph
