As HERE is a self-custodial app, it means that users hold the private keys to the wallet on their own.
Over 1 million Telegram users have created a HERE wallet within ten days, according to NEAR Protocol. The NEAR HERE wallet lets users stake and swap their favorite cryptocurrencies using the built-in DEX aggregator. Crypto investors can also explore non-fungible tokens (NFTs) from their HERE wallet. Furthermore, with the recent integration, every Telegram user can create a unique NEAR wallet address within the social media app.
According to a post on their official X account, the company claims the NEAR Telegram wallet is now the most popular app on Web3. Within the last 48 hours, over 300K new wallets were created, according to the post.
The HERE Near Wallet is a self-custodial cryptocurrency wallet designed by the Near protocol. As it is a self-custodial app, it means the user holds the private keys to the wallet. Self-custodial wallets are safer because there are no third parties between the user and their funds. However, certain countries, like the UK, are starting to clamp down on these wallets.
Telegram’s Crypto Craze Rages On
Telegram has always been supportive of cryptocurrencies from the onset. Last year, the messenger app launched its native crypto wallet in partnership with The Open Network (TON).
The Telegram crypto wallet is a custodial wallet option, unlike the HERE wallet, which means Telegram controls the private keys to the wallets.
The wallet app functions like most mobile wallet apps. Users can send and receive cryptocurrencies and buy digital assets via the peer-to-peer (P2P) market or a bank card. Another crypto concept that gained notoriety on Telegram is trading bots. Telegram trading bots automate the trading process for investors, offering a user-friendly and convenient option to buy cryptocurrencies.
These bots saw their popularity and market grow tremendously last year. Data firm Dune Analytics revealed that over 63K users executed trades worth $500M using bots last year.
Telegram also runs a play-2-Earn crypto game Notcoin. The meme coin started as a Mini App game before reinventing itself as a P2E game that rewards users with new coins every time they click on an animated icon. Last month, the game’s user base surpassed 20 million Telegram users.
In addition to these products, Telegram has partnered with several successful startups to deepen crypto adoption in its ecosystem. One of such startups is Sam Altman’s crypto project, Worldcoin. In December last year, Worldcoin launched an updated version of its World ID feature with a Telegram integration. Other popular apps integrated into the World ID feature include Reddit and Shopify.
Web3 Growth Plan Continues Despite Initial Setback
While these achievements have been part of a super plan by Telegram’s CEO to expand the social app into a mega Web3 ecosystem, the growth hasn’t been easy.
Some years back, Telegram abandoned its TON project following a billion-dollar lawsuit from the US Securities and Exchange Commission.
The SEC had sued Telegram for raising $1.7 billion through a token called Grams via an initial coin offering in 2019. The SEC alleged that the messenger app had raised funds from investors using unregistered securities. Telegram was slapped with a fine and instructed to return investor’s capital.
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