Online messaging app Telegram has announced changes in its crypto wallet service provider, opting for WOT Global Solution LTD starting May 30.
This transition aims to enhance user experience and introduce additional layers of security by requiring Know Your Customer (KYC) details like names, birthdates, and phone numbers. Users must agree to new terms and conditions, including data transfer, to continue using the service.
According to Telegram, users have the option to withdraw funds and delete their wallet accounts if they are uncomfortable with the changes. Telegram’s move comes amidst a surge in users engaging in platform games.
The messaging app’s embrace of blockchain technology has catalyzed interest in crypto, with its Open Network witnessing over $319 million in deposits and a rise in wallet numbers recently.
Notably, Hamster Kombat, a Telegram game, boasts 8 million users, while Notcoin offers crypto rewards for completing tasks. Analysts suggest such initiatives could facilitate future crypto adoption.
Also Read: Telegram Introduces Fiat On-Ramp & Off-Ramp via Sphere Labs
