Grindery, backed by Binance Labs, aims to simplify digital asset transactions on Telegram.
The smart wallet solution enables fast cryptocurrency transfers on Telegram by leveraging account abstraction and building millions in liquidity for TON-based tokens and dApps on the private messaging platform.
Account abstraction is a crypto technology that allows users to store assets solely in a blockchain smart contract instead of in an external ownership account (EOA). Moving away from EOA unlocks a suite of programmable features for chain participants and provides greater security.
According to a statement shared with crypto.news, Grindery has more than 700,000 signups for its beta phase, which opened in September last year. Additionally, the dApp has registered more than 500,000 holders of its G1 tokens ahead of an official listing.
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Grindery plans to simplify crypto transactions for more than 800 million Telegram users by replacing alphanumeric blockchain addresses with human-readable names.
The account abstraction-focused startup believes this path will increase user trust and increase the usability of tokens available on Telegram through EVM-compatible blockchains such as Ethereum, Binance Smart Chain, and Polygon.
According to a Dune Analytics dashboard, the smart wallet is one of the most widely used account abstraction contracts across multiple decentralized networks.
It’s exciting to see Telegram transform into a SuperApp with TON Chain. Grindery complements Telegram’s vision, bringing the vast existing EVM ecosystem to Telegram and delivering native Web3 experience to a billion Telegram users.
Tim Delhaes, founder of Grindery
Grindery also targets mainstream merchants and e-commerce stores to deliver one-click payments built to introduce large numbers of customers to Web3 marketplaces.
Read more: Account abstraction will reinvent the fintech industry | Opinion