Ile Du Port, Seychelles – In a significant development for cryptocurrency users, over 100 million individuals can now seamlessly fund their TON Wallet using cryptocurrencies from other major blockchains, eliminating the need for bridges, swaps, or manual conversions. This advancement was announced by Wallet in Telegram, which has integrated cross-chain deposit functionality for its self-custodial TON Wallet, powered by MoonPay.
The new feature allows users to transfer stablecoins such as USDC and USDT from popular chains including Ethereum, Solana, TRON, Binance Smart Chain (BSC), Polygon, Arbitrum, and Base. These deposits will be converted at a 1:1 rate to USDT (TON), making it easier for users to access the TON ecosystem without the requirement of already holding TON-native assets. Additionally, users will soon be able to withdraw USDT on TON to other blockchains like USDT or USDC, also at a 1:1 rate, and deposit Bitcoin (BTC), Ethereum (ETH), or Solana (SOL), which will automatically convert into Toncoin.
The integration aims to streamline the process of funding a self-custodial wallet, traditionally viewed as a complex and multi-step endeavor. By partnering with MoonPay, the Wallet in Telegram simplifies cross-chain transactions, offering users a more user-friendly deposit mechanism. This shift is anticipated to bolster Web3 adoption on Telegram by reducing friction in the onboarding process.
Andrew Rogozov, Founder and CEO of The Open Platform and Wallet in Telegram, highlighted the challenges faced by new users in entering the crypto space. He stated that the previous model required potential users to already hold assets on the TON blockchain, which limited access and created unnecessary hurdles. The new functionality aims to eliminate such barriers, allowing easy access for users transitioning from other networks.
“Users shouldn’t have to buy new assets or navigate complex steps just to fund an account,” commented Ivan Soto-Wright, CEO of MoonPay, emphasizing the integration’s ability to let users utilize existing crypto holdings while MoonPay manages the backend complexities.
Funding a TON Wallet has been made simpler, now only requiring a few steps. Users can choose between stablecoin deposits or crypto conversion, generating a deposit address that can be easily copied or accessed via a QR code. After verification of the transfer amounts, the funds are credited to the user’s wallet in a format compatible with the TON ecosystem and Telegram’s range of decentralized applications.
This enhancement is exclusive to the self-custodial TON Wallet, part of Wallet in Telegram’s dual-wallet system. It aims to make participation in decentralized finance (DeFi), gaming, and on-chain applications more accessible, even for users who may not have extensive crypto knowledge.
The launch of this cross-chain deposit capability signifies a major milestone in making Telegram one of the most user-friendly gateways into the Web3 space. With more than 150 million registered users thus far, Wallet in Telegram continues to expand its offerings, providing a dual-wallet experience that encompasses both trading and self-custodial capabilities.
MoonPay, established in 2019, operates as a global financial technology firm, facilitating value movement across fiat and digital assets. With a substantial customer base and robust regulatory compliance, MoonPay plays a crucial role in connecting traditional finance with the blockchain ecosystem. The collaboration between Wallet in Telegram and MoonPay reflects a commitment to enhancing user experience in the rapidly evolving landscape of digital assets.
