With Telegram’s newest feature, sending cryptocurrencies is now just a message away. The messaging app now offers crypto payments via the official wallet bot, The Open Network (TON). Here are the details…
Cryptocurrency innovation from Telegram
In a Twitter post on Wednesday, the instant messaging app announced that users will be able to send and receive crypto via TON Token. Thus, Telegram became the first messaging app to allow fast, secure and smooth crypto payments. TON is adding another bot that will allow millions of Telegram users to easily send and receive crypto payments via chat. There will be no transaction fees. In other words, you can send and receive crypto instantly with zero transaction fees while chatting.
To use this feature, users will need to download and install Telegram’s Wallet bot. In other words, “@wallet” will be written in the search section of the application. However, users can freely buy crypto using their debit card and then transfer or trade it to other wallets. Crypto payments with TON are pretty fast. Users do not need to enter long wallet addresses and wait for confirmations.
Bitcoin and Toncoin supported
Users can easily send TON token or Bitcoin (BTC) to others by clicking the wallet icon in the messaging app. According to the company, they can send Bitcoin (BTC) or Toncoin to other users by clicking the “Wallet” icon in direct messages. Telegram has been a crypto partner since its inception, as we have also reported as Kriptokoin.com. Now they are rolling out a breakthrough feature that provides a faster, smoother and more reliable way to send and receive crypto payments in a messaging app.
TON uses a proof-of-stake mechanism and was established in 2017 for DNS, decentralized services and instant payments. Telegram and the coin project ran into trouble in May 2020 due to a legal hurdle with the US Securities and Exchange Commission (SEC). The SEC has accused Telegram of selling unregistered securities through an Initial Coin Offering (ICO). The agency filed a complaint after the messaging app raised $1.7 billion from a private token sale. However, after his debut, they decided to entrust the TON money to the TON Foundation.
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