Запуск xStocks в Telegram Wallet: Новая эра финансовых возможностей для пользователей Launch of xStocks in Telegram Wallet: A New Era of Financial Opportunities for Users

Alexander Tobol (A. T.): We launched in the US with a non-custodial wallet along with the entire TON ecosystem. Currently, Telegram has approximately 87 million users in the US, which accounts for roughly 25% of the population.

Now, they can access DeFi tools, perform on-/off-ramp operations, and transfer cryptocurrencies to each other without leaving Telegram.

This is a significant and important launch, and the market has reacted positively in terms of cryptocurrency value.

FL: At the beginning of October, you integrated xStocks – trading in tokenized stocks. What is it and how is it technically implemented? 

A. T.: xStocks have been introduced in the custodial version of the wallet, where we manage your assets. Dozens of stocks and ETFs are already available.

Backed Finance issues tokens. Kraken, as the liquidity provider, buys them. Then we, as the largest retail service, facilitate the buying and redeeming of shares.

The process is audited externally to ensure that the number of tokens in circulation always matches the number of shares held in brokerage accounts for that company. The mechanism is designed so that dividends are paid not in cash but in additional xStocks.

To start trading, the KYC procedure is mandatory, but by the end of the year, it will be available on-chain for all non-custodial wallets that do not require verification. 

FL: Are xStocks considered securities?

A. T.: No, they are not. With xStocks you do not have voting rights, nor can they be transferred. They are a derivative issued on an asset held in custody, guaranteed that you can claim, redeem, exchange it, etc.

FL: What are the main benefits for users?

A. T.: Exchanges trading traditional stocks do not operate at the most convenient times. xStocks in the Wallet can be traded 24/5, and soon 24/7. 

FL: On which blockchains are these tokens issued? 

A. T.: Currently, they are issued on Ethereum and Solana, and by the end of the year, they will also be available on TON.

We are already preparing the infrastructure for users to earn further on these stocks. 

FL: Is xStocks offered as an alternative to cryptocurrencies?

A. T.: Traditional investor portfolios typically consist of 5–10% gold, 40% stocks, 20% bonds, and up to 30% cryptocurrencies.

Cryptocurrencies are more volatile, and sometimes there’s a need to secure funds and have a mechanism for quick transitions into traditional finance. We offer a solution for investing across a full spectrum of assets to create a portfolio tailored to individual risk profiles.

FL: If for some reason Backed or Kraken were to scam, what would happen to the tokens or the users’ money?

A. T.: The same scenario would apply as if Binance were to collapse. Kraken is one of the largest exchanges, so its failure would pose a significant risk to the cryptocurrency market. However, from a user protection standpoint, the shares’ custodians are monitored, and regular audits occur. Even if something happens to the token, a user presenting a claim can retrieve that share directly from the custodian.

FL: Does the Wallet earn anything from this? 

A. T.: Our strategy is to provide people with investment and earning opportunities. In the future, we might implement loyalty programs that could generate revenue for us.

FL: Is the Wallet integrated into Telegram’s code or operates as a standalone application? Who manages its infrastructure?

A. T.: The wallet is built on an open mini-application solution within Telegram. Nonetheless, the Wallet is a completely separate entity. We are part of The Open Platform, which attracted investments at a $1 billion valuation over the summer.

The Wallet is maintained by its own team of developers and SRE engineers. We operate independently, free to choose our data centers, infrastructure, structure, and run a completely self-sufficient business.

FL: There are complaints on social media about the freezing of funds in the wallet. As you mentioned, there are custodial and non-custodial options. Where can the Wallet block funds, and where can it not? 

A. T.: In the non-custodial solution, where the user has the private key and fully manages their funds, we hold no information about them and cannot interfere with their activities. The user can always retrieve their seed phrase and transfer it to another wallet. This is pure DeFi without restrictions.

In a custodial solution, we do manage the user’s funds. All private keys are stored with us. In this case, we work with regulators and follow basic AML procedures. For instance, when transferring funds from a betting service, we would need to ask the user for documents to verify the legitimacy of their winnings in their jurisdiction and subsequently confirm the withdrawal of funds.

FL: How many users are there currently in the Wallet, and what is the growth trend? 

A. T.: We currently have around 140 million registered users, and given Telegram’s global expansion, future growth is unrestricted. 

We believe that providing simple, understandable tools, financial freedom, and investment opportunities worldwide will expand our audience.

FL: Is there a limit to the number of users the wallet can accommodate without lagging? strong>

A. T.: Load capacities do increase across various services. Currently, TON has restructured its infrastructure so that each service operates independently and scales automatically in the cloud. We now face no limits other than hardware in data centers. Therefore, we prepare in advance for peak loads to acquire more equipment and scale.

FL: What is currently of most interest to users in the Wallet? 

A. T.: User interests primarily lie in earn services, trading, and sending USDT tokens. Overall, all services are in demand and growing rapidly.

FL: In a interview with Lex Friedman, Pavel Durov stated that Telegram is designed so that it is physically impossible to compromise privacy. What technical solutions in the Wallet follow this philosophy of Telegram? 

A. T.: The Wallet is a financial product and not all aspects of the messenger’s philosophy can transfer to us. However, in the non-custodial solution, users are fully protected by algorithms — only the private key holders can control the funds in the wallet.

FL: In some countries, the Wallet is still unavailable. Why is that if Telegram is a global messenger? 

A. T.: Telegram is a global messenger, but in terms of cryptocurrency, there are certain regulatory requirements, and the wallet is regulated in all open jurisdictions.

Certainly, we are limited by regulations in some areas, but we are obtaining more licenses to legally and fully enter previously closed markets. In the long run, we aim to catch up with the entire regulated cryptocurrency market.

FL: What will the Wallet look like in a couple of years? Will it evolve purely into a DeFi tool, or will it transform into a centralized superbank based on Telegram? 

A. T.: We have two solutions: custodial, which is a kind of analog to banks in the cryptocurrency world, and non-custodial. Our overall aim is financial freedom, enabling all Telegram users to access investment and financial markets. 

FL: Are you planning to add AI solutions to the Wallet?

A. T.: The interplay between cryptocurrency and artificial intelligence is developing rapidly right now. We are exploring this area and seeking opportunities that will allow crypto investors to interact more natively and conveniently with AI within the Telegram ecosystem.

FL: Currently, many are discussing the experiment where six top neural networks trade cryptocurrencies for real money starting with a capital of $10,000.

A. T.: A lot depends on risk assessment and the prompts, which can be interpreted very differently. I would not recommend investing using AI bots without risk analysis.

After October 11, the cryptocurrency market is revitalizing. But if you want to secure your finances and transition from cryptocurrency — Bitcoin, Ethereum, TON, or other coins — to some traditional finances, gold and xStocks are always available to you.

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