Telegram is set to roll out its native Telegram Wallet in November, and it has chosen custody over self-custody for easier onboarding. The custodial wallet allows users to buy and sell cryptocurrencies directly from the messenger’s settings. The full rollout will begin in November, starting with several African and Latin American countries. The Wallet will then be made available in other regions, except for jurisdictions where it does not operate. The decision to opt for a custodial solution was made to simplify the onboarding process for new users. Self-custodial wallets require users to handle their own private keys and deal with complexities such as storing seed phrases and paying gas fees. In contrast, Telegram Wallet aims to make it easy for users to start using crypto by providing a simple onboarding process and allowing transactions within the Telegram app. While custodial wallets are more convenient, they are less secure compared to self-custodial wallets.
