Инвестиции в xStocks: Новый взгляд на финансовую свободу внутри Telegram Headline: Investing in xStocks: A New Perspective on Financial Freedom within Telegram

Aleksandr Tobol (A. T.): We launched in the USA with a non-custodial wallet and the entire TON ecosystem. Currently, Telegram has around 87 million users in the USA, which is about 25% of the population.

Now they can utilize DeFi tools, conduct on-/off-ramp operations, and transfer cryptocurrencies to one another without leaving Telegram.

This is a substantial and significant launch, and the market has reacted positively regarding the value of cryptocurrencies.

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

A. T.: xStocks were introduced in the custodial version of the wallet, where we manage your assets. Dozens of stocks and ETF funds are now available.

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

The process is audited externally to ensure that the number of tokens in circulation aligns with the quantity of stocks held in brokerage accounts for that company. The mechanism is designed so that dividends are paid not in cash, but by purchasing additional xStocks.

For trading to commence, 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.: They are not. With xStocks , you do not have voting rights, and they are not transferable. It is a derivative issued on an asset stored in a depository, with a guarantee that you can obtain, redeem, or exchange it, and so on.

FL: What are the main benefits for users?

A. T.: Exchanges that trade classic stocks do not always operate at convenient times. You can trade xStocks in the Wallet 24/5, and soon it will be 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 be available on TON.

We are already preparing the infrastructure to allow users to earn additional income from these stocks.

FL: Are xStocks offered as an alternative to cryptocurrencies?

A. T.: Traditional investor portfolios typically comprise 5-10% in gold, 40% in stocks, 20% in bonds, and up to 30% in cryptocurrencies.

Cryptocurrencies are more volatile; sometimes, you want to secure your investments and have a quick transition mechanism to traditional finance. We provide solutions for investing across a spectrum of assets, considering individual risk profiles.

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

A. T.: The same scenario as if Binance were to fail. Kraken is one of the largest exchanges, so its collapse would pose a serious risk to the cryptocurrency market. However, regarding user protection, stock depositories are monitored with constant audits. Even if something happens with the token, a user asserting their claim can retrieve that stock directly from the depository.

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 may introduce tools and loyalty programs that could generate revenue for us as well.

FL: Is the Wallet integrated into Telegram’s code or does it function as a separate application? Who manages its infrastructure?

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

The Wallet is serviced by its team of developers and SRE engineers. We operate independently, allowing us to choose our own data centers, infrastructure, and business structure.

FL: There have been complaints on social media regarding the freezing of funds in the wallet. As you mentioned, there are custodial and non-custodial options. In which circumstances can the Wallet freeze funds and where can it not?

A. T.: In the non-custodial solution, where the user holds the private key and fully manages their funds, we do not have any information about them and cannot obstruct their activities. At any time, the user can retrieve their seed phrase and transfer it to another wallet. This is pure DeFi without restrictions.

In the custodial solution, we do manage the user’s funds. All private keys are kept by us. In this case, we operate under regulatory guidelines, following basic AML procedures. For example, if funds are transferred from a betting service, we will need to request documentation from the user to verify the legality of their winnings in their jurisdiction before confirming the withdrawal.

FL: How many users does the Wallet currently have, and what is the growth trend?

A. T.: Currently, we have approximately 140 million registered users, and given Telegram’s global expansion, there are no limitations to further growth.

We believe that offering simple and 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 support without lagging?

A. T.: Load requirements increase for various services. Currently, TON has restructured its infrastructure so that each service operates independently and can automatically scale in the cloud. We have no limitations except for the equipment in data centers. Therefore, we are proactively preparing for peak loads to acquire additional equipment and scale accordingly.

FL: What are the primary interests of users in the Wallet right now?

A. T.: The main interests include earn services, trading, and sending USDT tokens. Overall, all services are in demand and are growing actively.

FL: In a recent interview with Lex Fridman, Pavel Durov stated that Telegram is designed to make it physically impossible to breach privacy. What technical solutions in the Wallet reflect this Telegram philosophy?

A. T.: The Wallet is a financial product, so not all the messenger’s philosophies can apply to us. However, in the non-custodial solution, users are fully protected by algorithms—only the private key holder can manage the funds in the wallet.

FL: The Wallet is still unavailable in certain countries. Why is this the case if Telegram is a global messenger?

A. T.: Telegram is a global messenger, but there are specific regulatory requirements regarding cryptocurrencies, and the wallet is regulated in all open jurisdictions.

Of course, we are limited by regulations in some places, but we are acquiring more licenses to legally and fully enter previously inaccessible markets. In the long run, we aim to catch up with the entire regulated cryptocurrency market.

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

A. T.: We have two solutions for this: the custodial solution, which serves as a sort of analog of banks in the cryptocurrency world, and the non-custodial one. Our overarching goal is financial freedom, allowing all Telegram users access to investment and financial markets.

FL: Are you planning to incorporate AI solutions into the Wallet?

A. T.: The intersection of cryptocurrencies and artificial intelligence is currently developing rapidly. We are exploring this avenue and seeking opportunities that will allow crypto investors to interact more naturally and conveniently with AI within the Telegram ecosystem.

FL: Many are currently discussing an experiment where six leading neural networks trade cryptocurrencies with real money starting from a capital of $10,000.

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

After October 11, the cryptocurrency market overall is reviving. But if you want to secure your finances and transition from cryptocurrencies—whether Bitcoin, Ether, TON, or others—to traditional finance, you can always rely on gold and xStocks.