How to Set Up a Telegram Wallet

Telegram wallet feature is an essential cryptocurrency wallet that allows Telegram users to to send, store and receive cryptocurrency via Telegram.

It operates on the TON blockchain and is user-friendly, and accessible through any Telegram chat.

Buying, selling, exchanging, and direct TON transfers in Telegram wallets is achieved without any transaction fees. 

How to Set Up a Telegram Wallet

Open Wallet Bot and press the Start button and then Open Wallet, follow the instructions.

You will see your newly activated wallet immediately.

When you open the wallet, the start page presents several key features:

Total Balance: This is shown at the top of the screen. You can personalize the display currency by accessing the settings through the three dots in the upper right corner.

Add Funds: You can increase your wallet balance by tapping the plus icon next to your total balance. Options for adding funds include purchasing crypto with a bank card, engaging in P2P market transactions, or transferring from another service.

TON Space Beta: This section serves as your entry point to the TON blockchain. It allows you to monitor your Toncoin balance and manage NFTs. Future updates, as promised by the developers, include access to decentralized applications. There’s also an option in the settings to remove this section from the main page view.

Other Assets Balance: Beyond Toncoin, your Bitcoin and Tether balances are also displayed. It’s currently unclear if Telegram will introduce more digital assets in the future.

Funding Tools: These include methods for adding funds, such as bank card transactions, P2P dealings, and wallet transfers.

How to Use the Ton Space

Your TON Space is a self-custodial wallet on the TON blockchain, giving you full control. As the sole holder of the private key and Secret Recovery Phrase, the security and access to your wallet rest entirely with you.

In TON Space, you can manage transactions involving NFTs, Jettons, and TON. Jettons, distinct from NFTs, are fungible tokens operating on the TON blockchain.

To begin using TON Space, start by pressing the ‘Ton Space Beta’ button.

You will be given two options to secure your TON Space either through your email or a recovery phrase.

This guide will focus on using the recovery phrase. Press “Back up manually”. Next you will see the seed phrases. Make sure to store your recovery phrase securely, then enter the recovery words as prompted.

Once set up, your Ton Space is ready for use. To add funds, simply click the ‘Deposit’ button.

To swap assets in TON Space, click on the ‘Swap’ button. This leads you into the swap process, where you can select the asset to exchange and the one you wish to receive. Swaps are processed through partner decentralized exchanges (DEXs) and typically involve a nominal fee. The swap’s cost may vary based on the liquidity of the involved assets on the DEX.

For a successful swap in TON Space, ensure you have sufficient TON to cover the transaction’s gas fee, possess the required quantity of the asset you’re swapping, and select an asset supported by the DEXs compatible with TON Space.^[1]