Wallet, a cryptocurrency trading bot, is launching its international expansion on the Telegram messenger in multiple African and Latin American nations.
On November 10, the Dubai-based investment platform The Open Platform (TOP), a collaboration between TOP Labs and Wallet, declared the worldwide deployment of the Wallet crypto automaton.
Wallet, a third-party Telegram bot that enables users to purchase and sell cryptocurrencies, is now accessible to users in Kenya, South Africa, and Colombia via the Telegram settings menu.
Since several months ago, the Wallet cryptocurrency assistant has been accessible to users worldwide; however, users had to type “@Wallet” into Telegram to locate it.
The most recent update adds Wallet to the menu, eliminating users needing to find the agent or possess extensive knowledge of cryptocurrencies to begin utilizing it.
User-supplied self-custody cryptocurrencies, TON Space, are available in addition to the default custodial wallet. Users can transmit nonfungible tokens (NFTs) or conduct decentralized swaps within TON Space using the self-custody sub-wallet of Wallet.
By launching the Wallet globally in developing markets, TOP enables users to access various financial tools. It capitalizes on the substantial user base it has amassed in those regions.
A TOP spokesperson stated, “Our primary focus is on developing markets where the lack of accessible financial tools has generated an organic demand for crypto assets.” The representative said, “Since we are aware that Telegram has a substantial user base in these regions, it was only logical to initiate our worldwide rollout in these jurisdictions.”
As of 2023, World Population Review data indicates that 4.49 million individuals are utilizing Telegram in Colombia. As of Q3 2022, approximately fifty percent of internet consumers in Kenya and South Africa were using Telegram, according to data from Statista.
“Countries such as Kenya, Nigeria, and Colombia have a comparatively high rate of cryptocurrency adoption and a very active Telegram user base,” the TOP spokesperson added.
“The regions in which we plan to initially launch natively to all users offer a huge opportunity to onboard a massive audience to Wallet. This is just the start of our goal to accelerate the mass market adoption of TON-based blockchain technology.”
Additionally, the TOP preferred to launch the Wallet in smaller countries before expanding the technical and operational aspects of the integration, according to the representative. The spokesperson added, “This will ensure we can effectively scale to meet the additional demand that arises as the rollout continues.”
After its initial deployment in Latin America and Africa, it is anticipated that the Wallet cryptocurrency automaton will enter the markets of Saudi Arabia, Nigeria, and Turkey in the first quarter of 2024.
According to the announcement notes, The TOP anticipates completing the worldwide launch of Wallet on Telegram by the conclusion of the second quarter of 2024.
Andrew Rogozov, CEO of TOP, remarked, “These strategic enhancements to Wallet and TON Space demonstrate our ongoing commitment to simplifying the cryptocurrency experience for mainstream users while maintaining robust security features.”
Wallet emphasized that it operated independently from Telegram, although Telegram actively denied any affiliation with Wallet or TOP through the preferences menu.
Before becoming the CEO of TOP and Wallet, Pavel Durov, the creator of Telegram, established VK.com as a prominent social media platform. Rogozov tendered his resignation from VK in January 2022 to become a founding member of the TON Foundation. Following its merger with Wallet, which it subsequently rebranded as TOP, he established First Stage Labs.
