TL; DR
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In case you missed it: Telegram’s new in-app crypto wallet is detention. This means that Telegram controls users’ wallets, but gives them access to their money whenever and however they want.
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Telegram is not the place to store the bulk of your crypto funds (that’s a job for General ledger And Trezor wallets). Instead, it can be a place where you can save a few hundred dollars (max) to make small in-app payments.
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Custody portfolios have their place in the world (and this is one of them).
Full story
Telegram is those jeans you haven’t worn in a year.
(That sentence shouldn’t make sense now, but let’s get cooking…)
In case you missed it: Telegram’s new in-app crypto wallet is detention. This means that Telegram controls users’ wallets, but gives them access to their money whenever and however they want.
(Just like a bank that your fiat cash).
The risk is: if Telegram gets hacked/goes bankrupt/decides to rob its users, your crypto goes with it (similar to user funds on FTX).
Here’s why we think that risk is more than okay:
Telegram is those jeans you haven’t worn in a year.
Sure, there might be a $20 bill in the back left pocket…but it’s not like you’re going to keep your savings there!
That’s all to say: Telegram is not the place to store the bulk of your crypto funds (that’s a job for General ledger And Trezor wallets). Instead, it can be a place where you can save a few hundred dollars (max) to make small in-app payments.
Using the high-level, Fort Knox-like security of a self-custodial wallet for such a use is like taking a bazooka to a pillow fight.
It’s pure overkill, plus: the complexity of self-determination will probably put users off.
Custody portfolios have their place in the world (and this is one of them).
