Cryptocurrency trading bot Wallet is launching its global launch on Telegram Messenger in several countries in Latin America and Africa.
Open Platform (TOP), the Dubai-based investment platform affiliated with TOP Labs and Wallet, announced the global launch of the Wallet cryptobot on November 10.
Wallet, a third-party Telegram bot that allows users to buy and sell cryptocurrencies, is now available in the Telegram settings menu for users in Colombia, South Africa, and Kenya, along with some other countries in Africa and Latin America.
Wallet has been accessible to global users for several months, but users had to find the bot by clicking “@Wallet” on Telegram. With the latest update, users can see Wallet directly in the settings menu without needing to find the bot or even know much about cryptocurrency to start using it.
In addition to the default custodial wallet, users can also use Wallet’s self-custody crypto solution, called TON Space. Wallet’s self-custody sub-wallet allows users to make decentralized exchanges within TON Space and transfer non-fungible tokens, or NFTs, using the self-custody wallet.
TOP has decided to initiate the global launch of Wallet in developing markets to help users access more financial tools and benefit from its significant user base in related regions.
“Our primary focus is on developing markets where the lack of accessible financial tools has generated organic demand for cryptoassets,” a TOP spokesperson told Cointelegraph. “We know that Telegram has a significant user base in these regions, so it was natural to begin our global rollout in these jurisdictions,” the representative added.
According According to data from World Population Review, Telegram has 4.49 million users in Colombia by 2023. Data from Statista suggests that around 50% of internet users in Kenya and South Africa used Telegram in the third quarter of 2022.
“Countries like Nigeria, Kenya and Colombia have a very active Telegram user base with a relatively high rate of cryptocurrency adoption,” the TOP spokesperson said, adding:
“The regions where we plan to initially launch natively to all users offer a great opportunity to bring a massive audience to Wallet. “This is just the beginning of our goal to accelerate mass market adoption of TON-based blockchain technology.”
The representative also noted that TOP preferred to roll out the wallet in smaller countries before scaling the operational side of the product as well as the technical side of the integration. “This will ensure we can efficiently adapt to the additional demand generated as the rollout continues,” the spokesperson said.
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Following the initial launch in Latin America and Africa, the Wallet cryptobot is expected to launch in Saudi Arabia, Nigeria and Turkey in the first quarter of 2024. TOP expects to complete the global launch of Wallet on Telegram by the end of the second quarter of 2024, points out the ad. .
“These strategic improvements to Wallet and TON Space underscore our continued dedication to simplifying the crypto experience for the general public while maintaining strong security features,” said TOP CEO Andrew Rogozov.
Despite allowing Wallet to enter Telegram’s settings menu, Telegram has actively denied any affiliation with Wallet or TOP, while Wallet also emphasized that it operated independently of Telegram.
Rogozov was once CEO of VK.com, a major social media platform created by Telegram founder Pavel Durov. Rogozov resigned from VK in January 2022 to join the TON Foundation as a founding member. He also founded First Stage Labs, which later merged with Wallet and was renamed TOP.
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