There are many hot wallets on the crypto market. One recently launched option is TON Wallet, built into the Telegram messenger. Its integration started at the end of 2023 and should be fully completed by 2025.
In this article, we explain the cryptocurrency wallet, how it differs from other wallets, its advantages, and how to create a TON wallet in Telegram and use it for various operations.
What Is the TON Wallet?
TON is an open-source blockchain technology designed by Telegram messenger developers and launched in 2018. Telegram has been used for cryptocurrency transactions within this network for several years, but previously they could only be done through a bot.
Since November 2023, the implementation of TON Wallet, an app incorporated into the messenger, has begun. Full integration is expected to be completed by the end of 2024. After that, the wallet will be present in the messenger menu by default for all users (except for some countries, including the US).
The TON Wallet on Telegram (TON Wallet) is hot and custodial. This means it has constant network access, and private keys are stored on the provider's servers.
The app supports currencies such as Bitcoin, Toncoin, Notcoin, and USDT. Its functionality includes storage, crypto transfers, and currency conversion.
Transfers within the messenger are performed without commission. The wallet also features P2P trading. In TON Wallet, the seller's commission in such transactions is 0.9%.
In addition, users can pay for goods and services—mobile internet, VPN, AI bots. If necessary, the wallet can be integrated into a bot to receive payments: after integration, customers and buyers will be able to make payments without switching to third-party services.
How Does TON Wallet Differ From TON Space?
Users who are just starting to use Telegram's cryptocurrency wallet may be confused about the differences between TON Wallet and TON Space, why two similar features were built into the messenger, and which one should be used.
TON Space Wallet is a new feature in Telegram's cryptocurrency wallet. It is currently in the beta testing phase. The service is a non-custodial wallet.
This means that, unlike TON Wallet, only the crypto owner has access to their private keys and funds when using TON Space. This feature makes TON Space a more secure, but less convenient option for novice users.
The service provides access to most of the features of the TON ecosystem. It allows you to work with TON coins, tokens, and NFTs, connect to DApps, and exchange assets. Integration of the Telegram account with Web3 applications and the introduction of staking are planned.
Wallet Benefits and Features
The TON non-custodial wallet is valued by users for several reasons:
- Instant transfers. Thanks to full integration into Telegram, the wallet allows you to transfer funds right in the chat — without going to third-party applications. No commission is charged.
- Send, buy, sell, and exchange cryptocurrency. The TON-wallet in Telegram supports the basic functions necessary for working with digital, and all operations can be performed in the messenger application. Further expansion of the functionality is planned.
- Conversion to fiat. Currently, it is possible to withdraw money from the wallet via the P2P market.
- Binding to a TG account. Only a messenger account is required to create and use a wallet. To increase privacy, users can use an anonymous phone number.
- Payment for goods and services. Although the list of goods and services that can be paid for with a Telegram wallet is currently relatively limited, it will expand in the future as more merchants connect this payment method.
- Support for popular cryptocurrencies. In addition to TON, the ecosystem's native coin, the wallet works with Bitcoin and Tether.
- High security. The system is trusted by users. Password and two-factor authentication are used to protect assets. The wallet is custodial, which allows you to restore it in case of loss of access.
Nevertheless, the system has its own disadvantages:
- Limited functionality. Although developers plan to add new features in the future, the wallet currently supports only the most basic cryptocurrency transactions.
- Limited list of supported currencies. Now TON Wallet works with 4 cryptocurrencies: Bitcoin, Toncoin, Notcoin, USDT. These are inferior to most of the large wallets on the market.
How to Create a Wallet in Telegram?
To create a TON wallet, you will need to follow a few simple steps:
- Register in Telegram. Only a phone number is required for registration — the application will offer to specify it at the first launch. You can download the messenger from any app shop.
- Open the side menu and select the Wallet tab, accepting the user agreement.
- Follow the application prompts to set up security. The system will prompt you to activate two-factor authentication and come up with a password to log in. It is not obligatory, but it is recommended to protect assets.
- Deposit funds to the wallet. Users can do that in several ways: through a transfer from another cryptocurrency wallet, an operation on the P2P market or from a bank card (currently only foreign ones are accepted).
- To top up, you need to click «+» next to the balance amount. The currency in which the balance is displayed can be selected in the settings — three dots in the top right corner of the screen.
After that, the wallet can be used for transactions with cryptocurrency.
How to Use the TON Wallet?
TON Wallet has an intuitive interface that is easy to understand even for a beginner. The buttons corresponding to the main functions are displayed on the main screen under the balance:
- Send. It is possible to transfer funds both to other Telegram users and to the address of a third-party wallet. To send assets within Telegram, it is enough to select the recipient from the contact list — you don't even need to manually enter the TON wallet's address. To send coins to an external wallet, an address will be required.
- Exchange. You need to select the currency pair to be exchanged, enter the amount, and confirm the operation. The total amount and conversion are automatically calculated.
- Sell. This button takes the user to the P2P section, where you can buy and sell cryptocurrency to other users. Selecting the desired section («Buy» or «Sell») opens a list of ads with the ability to filter. In addition, you can place your own ad. This makes it easy to understand how to withdraw money from Telegram Wallet.
How to Ensure Wallet Security?
To keep the assets stored in TON Wallet safe, it is recommended to follow a few rules:
- Connect the security systems that the service advises. Although two-factor authentication is not always convenient, it will help prevent third parties from accessing assets.
- Use a unique password to log in. This reduces the risk of account hacking.
- Report suspicious activity to tech support. In addition, remember that tech support never asks for a password and password to log in: such attempts should also be reported to the system.
TON Wallet — a convenient wallet for Telegram users
TON Wallet is a new cryptocurrency wallet in the Telegram app. The functionality is fully integrated into the messenger, making it easy to make transfers directly in Telegram chat and manage assets without leaving the app.
Although TON Wallet's current functionality is relatively limited (payments, transfers, exchanges, buying/selling cryptocurrencies), the developers plan to add new features and expand the list of available currencies.
Convenience, security, and plans for further development make the new wallet a promising project that may interest users worldwide.
