Pavel Durov, the founder of Telegram, announced that this summer will see the 'largest' rollout of a non-custodial crypto wallet in human history. According to him, the native wallet for the Gram token (formerly Toncoin, TON) will be available in all Telegram applications.
A custodial wallet is a type of crypto wallet where access and responsibility for the funds are shared between the asset owner and a third party, such as an exchange or broker. Such intermediaries typically perform user identification.
In the case of a non-custodial wallet, only the owner has access to it. All keys are held by the user, and they are fully responsible for their funds. Creating such a wallet does not require passing any identification or providing personal data.
Durov promised instant and fee-free cryptocurrency transfers for 'over 1 billion users'. 'We are adding the native non-custodial wallet for Gram in every Telegram application,' he wrote on his channel.
The price of the GRAM token (formerly TON) reacted to the announcement with a 7% increase. The Wallet crypto wallet has long been present in Telegram's menu, which is a product of The Open Platform (TOP).
Durov's announcement also coincided with the update of the official domain of the GRAM ecosystem (formerly TON) — wallet.ton.org. The new wallet has been named Gram Wallet.
