Grindery seeks to streamline Telegram’s digital asset transactions with support from Binance Labs.
The smart wallet solution makes quick cryptocurrency transactions on Telegram possible by utilizing account abstraction and bootstrapping millions in liquidity for TON-based tokens and dApps on the private messaging platform.
With account abstraction, users can hold assets only in a blockchain smart contract instead of an externally owned account (EOA). Removing EOA improves security and opens up a variety of customizable capabilities for on-chain users.
Grindery boasts over 700,000 sign-ups for its beta phase, which launched in September of last year. Ahead of its official listing, the dApp has also registered over 500,000 G1 token holders.
Grindery aims to replace alphanumeric blockchain addresses with human-readable names, making cryptocurrency transactions easier for more than 800 million Telegram users.
According to the account abstraction-focused firm, this approach would increase user trust and improve the usefulness of tokens available on Telegram across EVM-compatible blockchains including Ethereum, Binance Smart Chain, and Polygon.
The smart wallet is one of the most widely used account abstraction contracts across several decentralized networks, according a Dune Analytics dashboard. Tim Delhaes, the creator of Grindery, said:
“Seeing Telegram transform into a SuperApp with TON Chain is thrilling. Grindery is complementing Telegram’s vision, bringing the massive existing EVM ecosystem into Telegram, and delivering native web3 experience to a billion Telegram users.”
In order to provide one-click payments designed to onboard large numbers of users into web3 marketplaces, Grindery also targets traditional retailers and online retailers.
