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Highlights
- Telegram announced a change in its crypto wallet service.
- WOT Global Solution will take over the service with the platform aiming for better service.
- This comes amid surging adoption of wallets and inflows around the ecosystem.
Social networking platform, Telegram has announced a change in its crypto wallet service provider. The platform which has ignited a recent frenzy among crypto users will onboard a new company for wallet services. This comes amid increased users as millions turn to games on the platform.
WOT Global Solution Takes Over
In a May 29 circular, Telegram announced a change in Wallet service providers informing users of the steps required for the transition. From May 30, WOT Global Solution LTD will take over with the company citing better service to users as reasons for the switch.
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 when it becomes effective.
“By continuing to use Wallet, you agree to the transfer of your data you provided to us and information collected while you were using Wallet in accordance with the Privacy Policy. This includes your name, address, phone number, transaction data, and any other data we may have on you.”
Furthermore, users uncomfortable with the new changes can discontinue the service, withdraw funds, and delete the Wallet account. As noted by Telegram, continued use of the account would mean an acceptance of terms and conditions and data transfer.
Telegram’s Crypto Wave
Telegram’s adoption of blockchain technology has spurred new entrants to the space alongside ticked institutional adoption. According to data from decentralized finance (DeFi) aggregator, DeFiLlama, The Open Network has seen over $319 million deposits and an increased number of wallets.
This month, Telegram’s Hamster Kombat recorded over 8 million users alongside several mini apps. Telegram-based Notcoin also lets users earn crypto from completing missions. With users passively earning digital assets, commentators say it’s a perfect onboarding tool for the future.
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