The GRAM token, formerly known as Toncoin, surged 9% to $1.56 after Telegram began a wider rollout of its non-custodial Money wallet. The wallet allows users to transfer GRAM and purchase digital collectibles directly within the messaging app, which has over one billion users. This expansion is part of Telegram's broader strategy to integrate digital assets into its platform.
The expansion of Telegram's Money wallet and the subsequent rise in GRAM's price indicate a growing integration of cryptocurrency functionalities within mainstream messaging platforms, potentially increasing adoption and utility for digital assets.
The cryptocurrency token GRAM, formerly known as Toncoin, experienced a 9% price increase, reaching $1.56. This surge followed the expanded rollout of Telegram's native non-custodial wallet, Money. The wallet, now becoming more accessible to Telegram's user base of over one billion people, facilitates instant GRAM transfers directly within the messaging application, with no network fees. Users can also utilize the wallet for purchasing items through gifts and collectible usernames.
The Money wallet's wider availability is part of Telegram's ongoing strategy to integrate digital assets into its platform. While Money focuses on GRAM-specific transactions and collectibles, Telegram also offers Walt, a service providing broader cryptocurrency trading and investment features, supporting over 300 assets including Bitcoin and Ethereum. Money operates as a non-custodial wallet, contrasting with Walt, which offers both custodial and decentralized finance wallet options.
The GRAM rally coincided with the Money wallet's rollout, reversing a recent bearish trend. During this period, GRAM's market capitalization and 24-hour trading volume saw increases of 9% and 41%, respectively, reaching $4.12 billion and $132.4 million. The rebranding from Toncoin to Gram is a strategic move by Telegram to solidify Gram's identity within its expanding digital asset ecosystem.
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