Telegram launches Money, its built-in crypto wallet: Here's how it works

Telegram has begun rolling out Money, its new non-custodial cryptocurrency wallet that lets users send digital assets directly through chats.

The wallet is replacing the previous Wallet service in Telegram's settings. That service was recently renamed Walt and remains available separately. Money is designed to make cryptocurrency transfers part of everyday messaging, without requiring users to leave the app.

Here's what the new wallet offers:

• Personal wallet: Each user gets a dedicated cryptocurrency wallet built into Telegram. Access can be protected with Face ID or a separate passcode.
• Five free transfers per day: Telegram covers the fees for the first five transactions each day. Transfers are recorded on the TON blockchain, where they can be publicly verified.

• Crypto transfers in chats: Users can send GRAM to another person directly from a Telegram conversation. According to Telegram, transactions are processed almost instantly.
• Quick access: To send cryptocurrency from a chat, users can tap the attachment icon and select Money.
• Additional features: The wallet includes a QR code and deposit address for receiving funds, a section for collectible assets and NFTs, and support for GRAM, the cryptocurrency formerly known as Toncoin.
• Self-custody: Users retain control of their funds and private keys. Money provides a recovery phrase and an optional encrypted backup.

• Wallet recovery: The recovery phrase can be copied from the Keys & Backup section and used to restore access to the wallet on another device.
• Distributed backup: Telegram also offers an encrypted backup system that splits the recovery key into three parts stored on three different continents. According to the service's description, the parts can only be combined on the user's devices.

Money is being introduced gradually, so the feature may not yet appear for every Telegram user.

The launch does not replace Walt entirely. Money can detect whether a user still holds funds in the previous wallet, and cryptocurrency purchases within the new service are processed through Walt.