The renowned cryptocurrency trading bot, Wallet, is making waves with its global rollout on Telegram Messenger across several countries in Latin America and Africa. This move, spearheaded by The Open Platform (TOP), marks a significant step in bringing accessible financial tools to developing markets.
Announcement from TOP Labs and Wallet
Dubai-headquartered investment platform TOP, affiliated with TOP Labs and Wallet, officially announced the global rollout of the Wallet crypto bot on November 10. This strategic move aims to empower users in regions like Colombia, South Africa, and Kenya. Here, the demand for crypto assets is on the rise.
Wallet has been accessible to global users for some time, but a recent update has made it even more user-friendly. Now, users in selected countries can find Wallet directly in the Telegram settings menu. This will further eliminate the need to actively search for the bot. This enhancement simplifies the onboarding process. Also, it will make it easier for individuals with varying levels of crypto knowledge to start using Wallet.
Dual Solutions and Strategic Rollout in Developing Markets
Wallet offers users the flexibility to choose between the default custodial wallet and its self-custody crypto solution, TON Space. This sub-wallet enables decentralized swaps within TON Space, along with the seamless transfer of nonfungible tokens (NFTs). The integration of self-custody options reflects Wallet’s commitment to providing diverse and secure financial tools.
The decision to initiate the global rollout in developing markets aligns with TOP’s mission to address the lack of accessible financial tools in these regions. The spokesperson for TOP emphasized,
“Our main focus is on developing markets where the lack of accessible financial tools has generated an organic demand for crypto assets.”
Telegram’s significant user base in these regions, with 4.49 million users in Colombia as of 2023, serves as a catalyst for the Wallet rollout. The spokesperson highlighted the active Telegram user base in countries like Nigeria, Kenya, and Colombia, where crypto adoption rates are relatively high.
Following the successful rollout in Latin America and Africa, Wallet has ambitious plans for expansion. The Wallet crypto bot is set to launch in Saudi Arabia, Nigeria, and Turkey in Q1 2024. The global rollout is expected to conclude by the end of Q2 2024. This further signals a strategic approach to gradually scale both the operational and technical aspects of the product.
Independent Operation and Affiliation Denials
Despite being accessible through Telegram settings, both Telegram and Wallet have clarified their independent operations. Telegram has actively denied any affiliation with Wallet or TOP, emphasizing their separate entities. Andrew Rogozov, TOP CEO, noted,
“These strategic enhancements to Wallet and TON Space underscore our continued dedication to simplifying the crypto experience for mainstream audiences while maintaining robust security features.”
CEO’s Background and Merger with Wallet
Andrew Rogozov’s background as the former CEO of VK.com, a social media platform created by Telegram founder Pavel Durov, adds an interesting layer to the narrative. Rogozov’s resignation from VK in 2022 and subsequent involvement with the TON Foundation, along with the merger of First Stage Labs with Wallet, highlights the dynamic evolution of TOP under his leadership.