Telegram, the popular social networking platform, has announced that WOT Global Solution will take over its crypto wallet service. This change comes amid a recent surge in user activity on the platform, particularly in the realm of gaming.

WOT Global Solution Takes Over Wallet Service

In a May 29 circular, Telegram informed users of the steps required for the transition to the new wallet service provider. Starting from May 30, WOT Global Solution LTD will handle the wallet service, citing better service to users as the primary reason for the switch.

Additional KYC Requirements and Data Transfer

According to the release, users must provide additional Know Your Customer (KYC) requirements, including names, date of birth, and phone numbers. By continuing to utilize the service, users agree to the new terms and conditions and the transfer of personal data, including name, address, phone number, transaction data, and any other data Telegram may have on them.

Option to Discontinue Service and Withdraw Funds

Users who are uncomfortable with the new changes can discontinue the service, withdraw funds, and delete their Wallet account. Telegram has made it clear that continued use of the account would mean an acceptance of the new terms and conditions and data transfer.

Telegram's Adoption of Blockchain Technology

Telegram's adoption of blockchain technology has attracted new entrants to the space and increased institutional adoption. According to data from decentralized finance (DeFi) aggregator, DeFiLlama, The Open Network has seen over $319 million in deposits and an increased number of wallets.

Growing User Activity on Telegram

This month, Telegram's Hamster Kombat recorded over 8 million users alongside several mini apps. Telegram-based Notcoin also allows users to earn crypto from completing missions, which commentators believe is a perfect onboarding tool for the future.

The change in Telegram's crypto wallet service provider highlights the platform's commitment to providing better services to its growing user base. As Telegram continues to embrace blockchain technology, it is expected to attract more users and drive further adoption of cryptocurrencies.