Wallet in Telegram is set to bring tokenized U.S. stocks to its users, with the native Telegram crypto wallet adding support for xStocks.
- Wallet in Telegram has partnered with Kraken and Backed to bring tokenized U.S. stocks to users starting this October
- Rollout will also expand this to TON Wallet, the self-custodial wallet of the TON Blockchain.
- Wallet in Telegram has over 100 million signed-up users, while Telegram boasts a 1 billion user base.
Wallet in Telegram says it will partner with crypto exchange Kraken and tokenized assets platform Backed to introduce more than 60 stocks and exchange-traded funds to Telegram users.
This move will see the custodial crypto wallet boost its ecosystem with additional investment opportunities for users.
When is tokenized stocks trading coming to Telegram?
According to the announcement, the tokenized equities will be accessible to millions of eligible users directly from within Telegram’s messaging app this October. The platform did not give an exact rollout date, but its announcement has already excited the community.
While the initial rollout will be through Wallet in Telegram, the stocks and ETFs will also be expanded to more users via the self-custodial TON Wallet.
“Developers are building solutions that would simply not be possible on TradFi rails, and to be able to access these opportunities from one of the most popular messengers in the world is a game-changer. The upcoming TON deployment will boost this even further, as a new ecosystem joins the fold” said Adam Levi, Backed’s co-founder.
Big move for the Telegram ecosystem
Tokenization is on the rise, with over $31.7 billion in real-world assets on-chain. However, while the crypto market is at $4 trillion, the U.S. stock alone is at over $60 trillion – and tokenized equities are only at $700 million. The opportunity is there.
xStocks, launched by Backed and Kraken, has seen more than $4.5 billion in volume across centralized and decentralized exchanges. Interest in the 1:1-backed tokenized equities has gained traction as various platforms add support, with assets of major companies such as Apple, Tesla, and the S&P 500 accessible 24/5 on exchanges and on-chain.
Now Wallet in Telegram is looking to take this adoption curve to the next level with its potential reach to more than 100 million signed-up users globally. This makes the rollout of tokenized stocks “one of the largest” by a consumer-facing platform, the team noted.
“By bringing tokenized equities into Telegram, we’re shattering the traditional walls of finance and giving millions of people their first real shot at the global financial arena,” said Andrew Rogozov, founder and chief executive officer of The Open Platform and Wallet in Telegram.
The upcoming launch will allow Telegram’s 1 billion users to explore opportunities in the tokenized U.S. stocks market, making this possible “right where they chat, pay, and use digital services,” Rogozov added.
As crypto and decentralized finance expand, the launch is one of the steps towards making everyday conversations become avenues for users to benefit from a burgeoning sector.
“Bringing xStocks into Wallet in Telegram is about meeting people where they already are. Hundreds of millions use Telegram every day, and now they can access tokenized equities directly inside one of the most familiar apps in the world,” Arjun Sethi, co-CEO of Kraken, added in a statement.
