Introduction to Walt
Telegram’s wallet feature has undergone a rebranding, now known as Walt, which supports over 300 different types of assets. This change comes as the company prepares to launch its Gram wallet for its extensive user base of more than 1 billion individuals. In an announcement made on September 28, the creators of the Wallet in Telegram revealed that the new Walt brand encompasses a service that has evolved from merely facilitating the purchase of Toncoin and Bitcoin into a robust platform enabling the trading and holding of a diverse range of digital assets.
Distinct Features of Walt and Gram Wallet
The Walt wallet, developed by The Open Platform, is already being used by millions and serves distinct functions from Telegram’s forthcoming Gram wallet. While the Gram wallet is expected to provide in-app transactions such as purchasing Gram tokens, gifting Telegram features, and making payments for various services, Walt goes beyond basic transactions. It allows users to engage in trading across multiple blockchains and interact with a variety of products linked to stocks, exchange-traded funds, and metals.
Users will also be able to utilize Walt to transfer funds directly into their Gram wallet. This critical distinction is made as the Gram wallet will operate exclusively within Telegram, while Walt, under the guidance of TOP founder and CEO Andrew Rogozov, is a separate initiative.
Development and Future Plans
Pavel Durov, the founder of Telegram, first hinted at the introduction of the self-custodial Gram wallet back in July 2021. Additional details indicated earlier this year included plans for seamless, fee-free transfers to Telegram’s vast audience. While a concrete launch date has yet to be disclosed, limited access to the initial Gram wallet began to roll out late last month, with future expansions expected gradually.
In addition to hosting over 300 multi-chain assets, Walt offers trading in more than 200 cryptocurrencies, alongside over 100 tokenized commodities, stocks, and ETFs. Notably, its services include yield-earning products pegged to stablecoins, Gram, Tether Gold, Solana, Ethereum, and Tron. Furthermore, Walt presents a perpetual futures option for over 70 assets, allowing traders flexibility without a time constraint on contracts.
Rogozov remarked that this rebranding comes after four years of refining the product’s offerings, transforming from a simple wallet into a comprehensive crypto platform integrated within Telegram itself.
The previously known Wallet in Telegram now operates under the Walt brand, while the Gram wallet continues to exist separately.
Future Enhancements
Walt has plans to introduce spending crypto cards and AI functionalities in future updates, which would enhance the trading experience through automated market inquiries and portfolio assessments via a conversational interface. However, these features are still in the pipeline, with no elements of the card or AI functionalities included in the recent launch.
Looking ahead, Rogozov has indicated that Walt will soon announce an evolved product strategy and continues to collaborate with Telegram’s Gram wallet to cater to users desirous of trading capabilities and other cryptocurrency products. It’s important to note that for U.S. audiences, there’s a distinction between tokenized shares offered by Walt and traditional stock brokerage accounts, as regulatory landscapes differ.
Historical Context and Conclusion
Previously, Telegram faced challenges from the SEC when it was sued over its initial Gram token sale in 2019, leading to a settlement that involved returning over $1.2 billion to investors. Despite the historical hurdles, the new developments with Walt signal a fresh chapter for Telegram in the burgeoning crypto landscape as it strives to maintain its relevance in the financial technology space.
Future announcements will elaborate on the card deployment and AI-enhanced trading capabilities, paving a new route for interaction with cryptocurrencies within the Telegram ecosystem.
