Grindery, backed by Binance Labs, aims to simplify digital asset transactions on Telegram.
The smart wallet solution enables swift cryptocurrency transfers on Telegram by leveraging account abstraction and bootstrapping 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 exclusively in a blockchain smart contract rather than an Externally Owned Account (EOA). Moving away from EOA unlocks a basket of programmable features for on-chain participants and provides better security.
Per a statement shared with crypto.news, Grindery boasts over 700,000 sign-ups for its beta phase, which opened in September last year. Additionally, the dApp has recorded more than 500,000 holders of its G1 tokens ahead of an official listing.
You might also like: Ethereum’s account abstraction explained
Grindery plans to simplify crypto transactions for over 800 million Telegram users by substituting alphanumeric blockchain addresses with human-readable names.
The account abstraction-focused startup believes this path will foster user confidence and enhance utility for tokens available on Telegram across 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 deployed account abstraction contracts on multiple decentralized networks.
Seeing Telegram transform into a SuperApp with TON Chain is thrilling. Grindery is complementing Telegram’s vision, bringing the massive existing EVM ecosystem into Telegram, and delivering native web3 experience to a billion Telegram users.
Tim Delhaes, Grindery founder
Grindery also targets mainstream merchants and e-commerce stores to deliver one-click payments built to onboard multitudes into web3 marketplaces.
Read more: Account abstraction will reinvent fintech industry | Opinion
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