Wallet, a cryptocurrency trading bot, is launching globally on Telegram Messenger in various countries in Latin America and Africa. The announcement was made by Open Platform (TOP), a Dubai-based investment platform affiliated with TOP Labs and Wallet, on November 10. Wallet is a third-party Telegram bot enabling users to buy and sell cryptocurrencies. While it has been available globally for a few months, the recent update allows users in Colombia, South Africa, Kenya, and other countries in Africa and Latin America to access the bot directly from the Telegram settings menu.
Previously, users had to find the bot by clicking "@Wallet" on Telegram. With this update, the bot is visible in the settings menu, making it more user-friendly and eliminating the need for users to actively search for it. Wallet offers a default custodial wallet, and users can also utilize its self-hosted crypto solution called TON Space. The self-hosted sub-wallet facilitates decentralized exchanges within TON Space and enables the transfer of non-fungible tokens (NFTs) using the self-hosted wallet.
TOP Labs chose to launch the Wallet bot globally, starting in developing markets, to provide users in these regions with more financial tools. The focus on these markets is driven by the high organic demand for crypto-assets due to a lack of available financial instruments. Telegram has a significant user base in these regions, making it a natural starting point for the global rollout. Telegram had approximately 4.49 million users in Colombia and around 50% of internet users in Kenya and South Africa using the platform, as of the third quarter of 2022.
TOP Labs plans to launch Wallet in smaller countries first before expanding its operational and technical aspects to ensure scalability and meet growing demand. Following the initial launch in Latin America and Africa, Wallet is expected to roll out in Saudi Arabia, Nigeria, and Turkey in the first quarter of 2024. TOP Labs aims to complete the global launch of Wallet on Telegram by the end of the second quarter of 2024. It is worth noting that while Wallet operates on Telegram, Telegram denies any relationship with Wallet or TOP, and Wallet emphasizes its independent operation.
