Telegram, my favorite messaging app has launched its self-custodial crypto wallet in Kenya. This move solidifies the app’s presence in the vibrant crypto community potentially driving its 800 million into the crypto space.
The main crypto on Telegram wallet is called TON Space, Telegram and TON Foundation jointly announced the new self-custodial wallet at Singapore’s Token2049 crypto conference. The wallet is the brainchild of a company called The Open Platform (TOP), which includes a wallet development team and a venture-building division, the TOP Labs. They work closely with the TON ecosystem and have a portfolio of TON-based apps.
Starting in November 2023 TON Space is available to all Telegram’s global users without the need for any wallet registration.
Just like Elon Musk’s X. Telegram is well on its way to evolve into a “super app.” Right now, developers can create crypto-compatible mini-apps by integrating with the TON Space wallet. The benefit of having a crypto wallet in Telegram is the potential to introduce a substantial number of users, many of whom are unbanked populations in developing countries, to digital assets.
Understanding Telegram Wallet
Telegram Wallet is a third-party bot that allows users to buy and sell cryptocurrencies. The Wallet bot is now available in the Telegram settings menu for users in Kenya.
Telegram Wallet recently partnered with Ivorypay, a crypto payment startup in Africa, to foster Peer-to-Peer (P2P) transactions and augment liquidity for users of Telegram Wallet in key African markets including Kenya. Here is how to take advantage of this and sell or buy crypto using the app.
Telegram has a P2P marketplace with no one trading atm. Does no one know about it ama they don’t want it. pic.twitter.com/WlNKWHilLE
— Papa Peli (@NigelJr_) November 19, 2023
How to Trade Using Telegram Wallet
- Access the Telegram Wallet: To access your Telegram wallet, head to the search bar at the top right of your home screen and enter “wallet.” Then, tap the search result named Wallet. You can also find
the option in settings.
- Once you select it, Click on Open Wallet.
- Here You Will Find your Balance and options to Send, Exchange, or Sell Crypto.
- Below that you will find all your available asset accounts, currently, Telegram supports Toncoin, Bitcoin, and USDT.
- Fund Your Wallet: Before you can start trading, you’ll need to fund your wallet. At the moment, Telegram doesn’t support express buying with the Kenyan Shilling, you will need to deposit funds from other marketplaces like Binance.
- Start Trading: Once your wallet is funded, you can start trading, you can only trade P2P in Kenya right now.
- Click on Trade on the P2P Market and select buy or sell to see ads posted by other users. Select the asset you want to trade and enter the amount you want to buy or sell. The platform will show you the current market price and the corresponding fees for the trade. You can then review and confirm the trade details before completing the transaction. When selling an asset, you can receive funds via M-Pesa, Airtel Money, Equity Bank, and Stanbic Bank.
- You can also place an ad just like you would on any other marketplace