Leading self-custodial wallet, Trust Wallet has integrated Telegram-powered The Open Network (TON) into its ecosystem. The firm made the announcement on Tuesday via a post on its official page on X (formerly Twitter).
In the post, Trust Wallet disclosed that it is working to ensure easy accessibility to Telegram and TON for all its users. Also, as a result of the integration, users will now enjoy advanced access to the fast-growing network.
Meanwhile, the synergy between Trust Wallet and TON has been in existence for a while. Recall that early last year, Trust Wallet partnered with TON to allow users manage tokens powered by the blockchain.
As revealed, the collaboration emanated due to the growing amount of tokens spurring from The Open Network. Consequently, Trust Wallet added support for the network to ensure that its users can have access to the tokens.
However, the recent integration with Trust Wallet surfaced shortly after Tether added support for TON. In April, Binbits reported the world’s largest stablecoin issuer launched its stablecoins; USDT and XAUT on The Open Network.
According to the report, Paolo Ardiono, the Chief Executive Officer (CEO) of Tether described TON as a committed partner in building an open and decentralized internet and a borderless payment system.
Growing Relevance of Telegram and TON In The Crypto Market
Telegram and TON are already making a mark in the blockchain and crypto landscape. As a result of its infrastructure, TON has enjoyed a massive adoption.
The Open Network has a total value locked (TVL) of $265.2 million and a market capitalization of $16.71 billion. According to Coinmarketcap, the network presently houses about 12 protocols.Â
On the flip side, aside from being a platform most crypto communities use, Telegram has grown into a launchpad for numerous cryptocurrency projects. Similarly, countless trading bots that offer advanced trading features are now based on Telegram.
It is worth mentioning that Telegram trading bots have recorded explosive growth in recent times. This is a result of how these bots offer easy access to decentralized exchange and other advanced automated trading tools through Telegram.
According to market data, Telegram trading bots have recorded a noticeable increase in trading volume between December 2023 to early 2024. During that period, the trading volume of Telegram trading bots skyrocketed from $4.46 billion to $21.3 billion.Â
So far, these boots have executed more than 111 million trades with more than 1.5 million lifetime users. In addition, the bots mostly enjoy the patronage of more than 60,000 users daily.
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