Telegram's self-custodial crypto wallet, developed by The Open Platform (TOP), has rolled out a significant update, introducing multi-asset trading and yield functionalities to its users. This move aims to provide a more comprehensive crypto experience within the popular messaging app.

The wallet, launched in 2023, has already seen significant adoption, with over 100 million users signing up for an account. Notably, most of these users are new to the crypto ecosystem, indicating the wallet's potential to onboard new users into the world of cryptocurrencies.

The wallet, built on the TON blockchain, has primarily focused on the Toncoin cryptocurrency, which can be used on the Telegram platform to tip creators or pay for mini-games and apps. It also supports Bitcoin and USDT (on the TON blockchain), and has since expanded to include other currencies like Notcoin.

With the latest update, users will be able to buy, sell, or hold crypto without any on-chain deposits, making it easier for newer users to get into crypto holding and trading. Additionally, the company is introducing an earning component to the wallet, allowing users to earn yields by holding a certain amount of Toncoin. Although the yield percentage and required crypto holdings have not been specified, TOP plans to add yields for USDT holdings and launch loyalty programs that would benefit Toncoin holders later this year.

The Telegram Wallet has also undergone a visual overhaul, featuring a new navigation bar at the bottom and an easy way to switch between the Wallet, Trade, and Earn sections. According to TOP's CEO Andrew Rogozov, "This update enhances Wallet's functionality, to meet consumers' expectations for an open and wide market. With current update Wallet now operates as a fully-fledged crypto platform within Telegram while remaining as simple and accessible as ever."

The new wallet update is set to roll out to users in March and April, although some features might be restricted in certain countries based on local regulations. This development is significant, given Telegram's massive user base of over 950 million monthly active users. The company's profitability, announced by founder Pavel Durov last December, can be attributed in part to its integrations with content and mini-app payments, which have contributed to the company's bottom line.

The update's implications are far-reaching, as it further blurs the lines between traditional messaging apps and crypto platforms. As the crypto ecosystem continues to evolve, it will be interesting to see how Telegram's wallet update influences the adoption of cryptocurrencies among its massive user base.