Telegram Wallet avoided self-custody to ease crypto onboarding, COO says
Telegram Wallet, a major Telegram bot allowing users to buy and sell cryptocurrencies like Bitcoin (BTC), has chosen custody over self-custody to chase easier onboarding goals, according to a senior executive.
In July 2023, crypto-friendly Telegram messenger officially announced the integration of the custodial crypto wallet, Telegram Wallet, to allow users to access the wallet directly from the messenger’s settings.
Though Telegram has enabled existing Wallet users to see the wallet bot directly in the messenger, those who have never used the bot are still not seeing the crypto wallet in their settings section of the messenger.
According to Telegram Wallet chief operating officer Halil Mirakhmed, the full Wallet rollout is expected to begin sometime in November 2023, starting with “several African and Latin American countries.” With the rollout, Telegram users in select countries can access the Wallet and start buying, selling and transacting cryptocurrencies like Bitcoin (BTC).
“The rollout will continue throughout MENA, South East Asia, Central Asia, and Eastern Europe,” Mirakhmed told Cointelegraph, adding:
As Telegram Wallet anticipates the soon-to-come rollout of its crypto wallet to millions of Telegram users, it's important to note that the wallet bot is not self-custodial.
Unlike major self-custodial wallets, like MetaMask, the Telegram Wallet bot operates a custodial wallet currently, meaning that users entrust their coins to a third party and do not own their assets directly. For example, to withdraw Bitcoin from the Telegram Wallet, users must have enough BTC to cover Telegram Wallet’s fees, which may sometimes be more expensive than the native fees on the Bitcoin network.
According to Telegram Wallet’s chief
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