Bitget launches a wallet with support for the Telegram TON blockchain

Bitget Wallet just dropped a hand grenade by announcing the launch of an MPC wallet connected to Telegram and the TON blockchain.

This is the first multi-party computer wallet developed within the Telegram ecosystem that can provide greater security and flexibility to the community

The partnership between TON and Bitget could facilitate the onboarding of a large number of users on both sides, boosting the adoption of cryptocurrencies.
Let’s see all the details below.

What is a “multi-party-computation” (MPC) wallet?

Before we delve into the news about Bitget Wallet and Telegram’s TON blockchain, Let’s briefly see what an MPC wallet is.

The so-called multi-party calculation wallets are non-custodial solutions that use public key cryptography in a collaborative manner to sign transactions.

Typically, for each private wallet, there is one holder that stores and secures the private keys needed to perform operations.

In this case, however the MPCs are designed to provide shared operations for multiple users, “splitting” the private key into multiple parts: each user owns a portion of this resource, sufficient to guarantee cryptographic participation in the blockchain.

This type of approach eliminates the need to reveal the full key across multiple devices, improving security in a shared digital environment.

When a transaction requires a signature, the wallet’s co-owners work together to generate the signature without fully reconstructing the private key, keeping the assets secure throughout the process.

The benefits of using an MPC wallet, such as the one designed by Bitget Wallet with TON blockchain support, are numerous.

First of all, they offer unprecedented security, which makes this possible mitigating the risks of the self-control process of mnemonics.

By also offering smooth collaboration between different parties, these solutions add flexibility and maximum control to end users.

However, it is important to note that there are also disadvantages, as MPCs generally are more expensive to use and sometimes very slow.

Not all MPC wallets are open-source and interoperable, so their usability may be limited: it is precisely for this reason that Bitget has decided to add an integration for the Telegram ecosystem.

Difference between multisig wallet and MPC

It is worth noting how multiparty calculation wallets differ from multisignature wallets, even though they have similar characteristics.

In particular multi-signature wallets also allow sharing by multiple users, but require the authentication of TWO OR MORE private keys.

While MPCs are based on splitting a single private key, here each co-owner of the wallet has a key in its entirety.

When one of the constituent parties of the multisignature initiates a transaction, the others must sign the transaction by showing their own secret passphrase.

Each private key then corresponds to the public key, that is, to the cryptographic address of each “signatories”. Typically, these solutions require the signature of only a subset of potential signers, for example 2 out of 4 or 3 out of 4.

Both multisig wallets and MPCs are designed to improve cybersecurity on blockchain and provide more flexibility in managing a shared wallet.

In general, MPC wallets are easier and more intuitive to implement, while multisig can be considered more impenetrable.

It is precisely for this last reason that several teams of cryptographic projects manage their digital finances based on multisignature solutions. Safe represents the most well-known and used multisig provider in the blockchain world.

Bitget Wallet launches MPC solution for the Telegram ecosystem and the TON blockchain

After the initial introduction, let’s move on to the core of today’s news, in which Bitget Wallet launches an MPC solution with integration for the TON blockchain

The choice to develop such a product was motivated by the fact that this type of wallet is not yet present within the Telegram ecosystem.

In fact, all multi-party calculation wallets refer to EVM (Ethereum) and SVM (Solana) environments, in addition to the different coverages that exist on Bitcoin.

With this, Bitget adds a useful and secure tool to the TON community, which has been on the rise in recent months thanks to the Telegram mini-app trend.

The team at the exchange Bitget had already inaugurated MPC technology in October last year by launching its own non-custodial shared wallet solution.

With this new step, the cryptocurrency company based in the Seychelles opens up to the vastness of the Telegram world and adds a new technological component.

The intention is for Bitget to support the deployment of a blockchain environment to the extent that it is used.

It is very likely that MPC technology will also be launched in other emerging chains in the future, gradually following the needs of new customers.

Now that this new product is available in the TON field, followers of the Telegram ecosystem can more easily participate in interacting with dapp’s suite.

Especially in the gaming sector, this integration opens up new types of digital connections, allowing multiple people to manage a wallet.

Let’s prepare for the era of team mini-games developed on Telegram and powered by TON with the parallel help of Bitget software.

Partnership Bitget and Telegram: growth opportunities on both fronts

The collaboration between Bitget and TON, in addition to introducing a technological advantage, creates the conditions for the growth of both communities.

Thanks to the support of social media Telegram, which has almost 1 billion active users, TON has the potential to bring Web2 users into the Web3 space.

This allows Web2 customers to be automatically introduced to all products developed by Bitget, with possible onboarding to the crypto exchange.

The fame and popularity of the TON blockchain, which features a TVL of 700 million dollars, could therefore attract new customers to Bitget.

It is also worth noting that, in a demonstration of its massive use, the TON network recently reached the milestone of 100 million transactions. In June last year it only had 10 million tx.

At the same time, Bitget Wallet’s MPC solution facilitates the onboarding of new users into the Telegram ecosystem. In fact, it allows the creation and import of wallets via email, Google, Apple ID and other methods without the need to store mnemonics or private keys.

This new solution is designed precisely to support the next wave of mainstream adoption of cryptocurrencies: it is clear that with the growth of the cryptographic industry, new solutions are needed for non-custodial blockchain support, especially for the shared management of assets.

Regarding this news, lvin Kan, COO of Bitget Wallet, stated:

“Bitget Wallet is committed to building critical infrastructure, introducing innovative products and driving the mass adoption of cryptocurrencies. As the leading wallet in the TON ecosystem, we strive to provide an unparalleled access point to Web3 for Web2 users.”