Telegram Wallet bot explains why it chose a custodial wallet

The Telegram bot Wallet offers custodial storage of cryptocurrency, as this facilitates the rollout of digital payments. In an interview with Cointelegraph, the service’s chief operating officer, Halil Mirahmed, said.

According to him, for newcomers self-custody of assets is an \”extremely difficult\” task.

\”You need to figure out how to store the seed phrase, how to handle the wallet, whether it’s a Chrome extension or an app, and how to pay fees,\” said Mirahmed.

The bot’s user entrusts their assets to a third party for safekeeping, but access to perform operations can be obtained with a single tap on the Wallet menu in Telegram settings. This, the executive said, significantly simplifies onboarding.

The integration of the custodial crypto Wallet into Telegram was announced in July 2023.

Earlier in September, the bot rolled out the beta version of non-custodial cryptocurrency wallet TON Space, which provides the ability to self-custody cryptocurrency.

Against this backdrop, Toncoin’s price rose by 15%.