Telegram, the social media giant, has announced a major update regarding its crypto wallet service. Starting May 30, WOT Global Solution LTD will take over as the new provider. This shift comes as Telegram experiences a surge in user activity, particularly with the rise of gaming on the platform.

WOT Global Solution Takes Charge

On May 29, Telegram released a statement notifying users about the change in wallet service providers and the necessary steps for a smooth transition. The company highlighted that this switch aims to offer improved services to users. As part of the transition, users will need to fulfill additional Know Your Customer (KYC) requirements, such as providing their full name, date of birth, and phone number. By continuing to use the wallet service, users will automatically agree to the new terms and conditions, including the transfer of their personal data to WOT Global Solution.

The announcement specified that data transferred will include names, addresses, phone numbers, transaction details, and any other information previously collected by Telegram. Users who are not comfortable with these changes have the option to withdraw their funds and delete their wallet accounts. Remaining users, by using the service, will be deemed to have accepted the new terms and data transfer policies.

Telegram’s Crypto Journey

Telegram's venture into blockchain technology has attracted numerous new users and significant institutional interest. Data from DeFiLlama, a decentralized finance aggregator, indicates that The Open Network (TON) has accumulated over $319 million in deposits and a growing number of wallet users.

This month, Telegram's Hamster Kombat game boasted over 8 million users, along with various mini-apps. Another notable Telegram feature, Notcoin, allows users to earn cryptocurrency by completing missions. Analysts believe that these features are ideal for onboarding new users into the crypto world, positioning Telegram as a key player in the future of digital finance.

Conclusion

In summary, Telegram's switch to WOT Global Solution for its crypto wallet service marks a significant development in its ongoing blockchain journey. While this transition brings enhanced services and stricter KYC requirements, users uncomfortable with the new terms can opt out. With its innovative approach and increasing user engagement, Telegram continues to make notable strides in the crypto space.