Blockchain Reporter recently sat down with the team at ButtonWallet for an interview. For the uninitiated, ButtonWallet is a Telegram based multi-currency wallet. With the ability to hold, send transactions and crypto x crypto exchange, users find Button the Venmo for crypto.
Focusing on the mobility and convenience aspect of trading cryptocurrencies, ButtonWallet aims to do away with the typically centralized exchange platforms and has instead integrated the trading function with the popular messaging app Telegram.
What prompted the idea for a messenger-based crypto wallet instead of a new exchange platform?
Buying cryptocurrency can be confusing. It often takes up to 3 weeks for new users to become verified. We wanted to create an easier way for users to buy and trade crypto as well as split bills with friends. Lots of crypto holders are in Telegram messenger and there is no wallet or exchange because it is usually on web/app. We took this opportunity to build it inside Telegram where 90% of crypto holders are located. We will never see real mass market adoption until it’s easier to use.
How do you ensure decentralization in Button Wallet? Is each and every transaction validated by a pool of people with stakes in it?
Button Wallet does not store the private keys of the user. The transaction is sent directly to the node where a pool of people validates the transaction.
There are two features inside BUTTON Wallet that are responsible for decentralization.
The first one is the way how we store private keys. When a user wants to create the wallet they are taken to a browser inside the Telegram Messenger to create private keys on the client side. After that, all the private keys are encrypted by user password and the encrypted data is encoded in the QR Code. No private information including private keys comes to our backend.
The second feature is a Lighty-Sig library that allows sending transactions on the client side. When a user wants to send funds to a friend, they upload their QR Code, enter the password to encrypt private keys, sign transaction and send directly to blockchain public node which has already signed the transaction.
What are some of the exciting features that can get users hooked to it instantly?
Users can get BUTTON instantly as BUTTON is pre-installed in Telegram and people don’t need to download it.
It’s social. Users can quickly facilitate peer to peer payments, like for freelancing or to split a check. This is completed using the username of Telegram. You don’t need to know long public key, etc.
No cutting and pasting. A lager of transactions lives in your own personal channel.
What’s in pipeline for Button Wallet?
Right now, users have the ability to hold, exchange, and send cryptocurrency. In two weeks they will be able to purchase crypto within the US, and in June, globally.
Are there any plans to expand the list of operable platforms for Button Wallet? Perhaps integration into Whatsapp?
We are focused on Telegram right now to be the Telegram wallet for the release of the TON blockchain and grams.
We are considering 2 other messengers later this year but have not announced yet.
About the Team:
Alex (CEO), Nick (CTO) and Kirill (VP of Engineering) have won countless hackathons around the globe. The team was part of MIT Playlabs, StartupBoostLA, and ETCLabs, San Francisco. The wallet has gained 100k users organically over the last several months.
Most recently, they won 5 nominations at ETHDenver, more nominations than any other company. Button is based in Moscow and Los Angeles.
With 15 years of startup experience, Rachael (CCO) handles the company’s business affairs.
Focused on community, evolution, and authenticity, the whole team works tirelessly to bring helpful fintech products to life.