Telegram announced a switch in wallet service providers in a circular on May 29, with WOT Global Solution Ltd. taking over from May 30.
Telegram announced a change in wallet service providers in a circular on May 29. The circular also informed users of the transitional actions required.
From May 30th, WOT Global Solution Ltd. will assume control, announcing that this transfer will enhance user service.
WOT Global Solution Takes Over
Users are required to supply extra Know Your Customer (KYC) criteria, which include their names, dates of birth, and phone numbers to WOT Global Solution as stated in the announcement.
If users continue to use the service, they indicate that they are willing to accept the revised terms and conditions, as well as the transfer of their personal data once they become effective.
“By continuing to use Wallet, you consent to the transmission of the data you have provided to us and the information we collected while you were using Wallet in accordance with the Privacy Policy.
This includes your name, address, phone number, transaction data, and any other information we may have about you. In addition, users who are dissatisfied with the new modifications have the option to terminate the service, withdraw funds, and permanently erase their Wallet account.
The continuous use of the account would be considered an approval of the terms and conditions as well as the transfer of data, as Telegram has pointed out.
Telegram’s Crypto Wave
Telegram’s embrace of blockchain technology has resulted in the entry of new players into the market, in addition to the adoption of the technology by established institutions.
DeFiLlama, an aggregator of decentralized finance (DeFi), provides information that The Open Network has witnessed withdrawals totaling more than 319 million dollars and an increase in the number of wallets.
Alongside a number of smaller applications, the Hamster Kombat app for Telegram has racked up more than 8 million users this month.
In addition, users of the Telegram-based Notcoin platform can earn cryptocurrency by completing missions. Commentators believe that it is the ideal onboarding tool for the future because it allows users to earn digital goods without actively doing anything.