Durov Says Telegram Will Ship Native Gram Wallet to a Billion Users

§ 01 Executive Snapshot

• What: Telegram will integrate a native non-custodial Gram wallet in its app for over a billion users this summer.
• Who: Pavel Durov, founder of Telegram.
• Why it matters: This deployment represents the largest rollout of a non-custodial crypto wallet, enhancing user control over assets and expanding Telegram's crypto ecosystem.

§ 02 Key Developments

• Pavel Durov announced the embedding of a native non-custodial Gram wallet in every version of Telegram.
• Gram (formerly Toncoin) saw a price increase to an intraday high of $1.66, before settling at $1.52, a 5.5% rise within 24 hours.
• Total value locked in TON-based DeFi protocols reached approximately $66 million, with about 117,600 active addresses and 3.85 million transactions recorded in the last 24 hours.

§ 03 Strategic Context

• Telegram has been progressively integrating crypto features, including a previous custodial wallet and the newly announced self-custodial wallet, as part of its strategy to enhance user experience and control.
• The launch of the Gram wallet aligns with Telegram's broader initiative to leverage The Open Network (TON) within its platform, further solidifying its role in the crypto space.

§ 04 Strategic Implications

• The immediate market impact includes increased user engagement with crypto features on Telegram, potentially leading to greater adoption of Gram and TON-based applications.
• Long-term implications may include Telegram establishing itself as a major player in the crypto and DeFi ecosystem by facilitating user-friendly access to digital assets.

§ 05 Risks & Constraints

• Regulatory challenges may arise concerning the deployment of in-app crypto services, particularly in jurisdictions with strict rules.
• The existing custodial wallet's future and its integration with the new non-custodial wallet remain unclear, which could affect user adoption.

§ 06 Watchlist / Forward Signals

• Anticipate the official launch date and detailed specifications of the native Gram wallet, which are yet to be disclosed.
• Monitor the market reaction to the wallet's rollout and any regulatory responses that may affect its adoption and functionality.