Latest news with #Affluent
Yahoo
11 hours ago
- Business
- Yahoo
New-age investing just slid into Telegram
New-age investing just slid into Telegram originally appeared on TheStreet. Users on the popular instant messaging app Telegram will soon be able to invest in crypto assets. Affluent, a crypto investment app, announced its launch on X on June 16. Built natively on Telegram, Affluent claims to bring together DeFi infrastructure with Telegram's wide distribution. Justin Hyun, ex-TON Foundation director, along with Hyung Lee, has co-founded Affluent and serves as the co-CEO. He hailed Affluent's launch as trustless asset management meeting Telegram. The Strategy Vault feature on the app, such as TON Multiply Vault, USDT Multiply Vault, etc., would let users earn yields on staked tokens. Affluent says its strategy vaults can host Bitcoin, tokenized private credit, stablecoins, gold, U.S. Treasury, etc. The on-chain vaults deploy adaptive human expertise to manage risks, provide simplified yield generation, and offer Proof-of-Reserve transparency. The app is also introducing an Affluent Points program to encourage user activity. Users can join the program by making a deposit into the TON vault. Affluent will be available to Telegram users as a mini app within the messaging platform. It is a decentralized finance (DeFi) protocol built on The Open Network (TON), a blockchain network linked to Telegram. Telegram announced the Telegram Open Network (TON) in 2018 so that a blockchain network, decentralized applications, and crypto payments could be integrated into the messaging app. But the project's native token, Gram, became the target of a securities violation case by the Securities and Exchange Commission (SEC) in October 2019. Finally, the SEC settled with Telegram as the platform agreed to return more than $1.2 billion to investors and to pay an $18.5 million civil penalty. Once Telegram quit the project, an open-source community took over and renamed it as The Open Network (TON). While Telegram couldn't build the blockchain project, it integrated it into the messaging app over the years. New-age investing just slid into Telegram first appeared on TheStreet on Jun 16, 2025 This story was originally reported by TheStreet on Jun 16, 2025, where it first appeared.
Yahoo
a day ago
- Business
- Yahoo
TON-Based Protocol Affluent Wants to Make Telegram a Financial Super App
A TON-based money market protocol wants to make messaging platform Telegram a super app for decentralized finance (DeFi). Affluent, which will be accessed as a mini app within Telegram, has debuted as a kind of "smart bank for crypto," serving as a one-stop hub, providing lending pools and yield strategies, according to an emailed announcement on Monday. One of Affluent's co-founders is Justin Hyun, former director of the TON Foundation, which was formed to continue the development of the network when it was abandoned by Telegram in 2020. Along with his colleague Hyung Lee, co-founder of DeFi research and development project B-Harvest, Hyun said in the announcement that Affluent aims to make Telegram a "financial super app, using crypto to provide everyday savings to retail users and sticky liquidity for institutions." A super app is a mobile or web application that offers multiple services on one platform, such as Grab or Uber. In the financial world, Tencent's WeChat is a notable example of an app that offers instant messaging, a digital wallet, mobile payments, loans, credit scoring and more. One of the most commonly cited impediments to wider DeFi adoption is the oft-uneven user experience. Developers may, therefore, attempt to tackle this by centering products within apps that they know users can already easily navigate, like Telegram. During its development, overseen by the Foundation, Telegram kept TON at arm's length, stressing that it was a separate entity. However, in September 2023, Telegram formally endorsed TON as its blockchain of choice for Web3 in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
