Telegram, a famous instant messaging service, has now included crypto payment capability, according to the Ton (Telegram Open Network) Foundation. The Ton token may be used to make crypto payments on Telegram.
Thanks to the crypto payment option, the messaging platform’s 550 million users have now been exposed to blockchain technology and cryptocurrency.
Users must first download and install Telegram’s official Wallet bot in order to utilize the crypto payment function, which allows them to buy cryptocurrencies with a bank card, trade them, and send them to other wallets.
Now send crypto via Telegram
According to the firm, users may send Bitcoin (BTC) or Toncoin to other users by clicking on the “Wallet” sign-in direct messaging.
The TON Foundation claims that the goal is to make transmitting Toncoin seems like sending a text message. The bot has already been used by 800,000 accounts, according to the business.
“We expect this functionality to expand into consumer-to-business payments, allowing users to quickly purchase products and services by sending toncoin using the bots.”
According to the foundation
According to the announcement, users will no longer have to input long wallet addresses or wait for confirmations.
The social media behemoth Twitter has a similar option, allowing users to tip with cryptocurrency. It does, however, rely on third-party payment providers like Jack Mallers’ Strike app.
According to the TON Foundation’s website, the Toncoin platform has processed over 52 million transactions and has over 486,000 wallets.
When the US Securities and Exchange Commission (SEC) halted Telegram’s $1.7 billion token issuances for an initial coin offering (ICO), the Toncoin token was created (ICO).
Telegram abandoned the TON crypto project in August 2020 after being sued by the US Securities and Exchange Commission (SEC).
However, the corporation has now overcome its obstacles and is able to keep its commitment. The group just collected $1 billion in TON from its users to promote its ecosystem.
Telegram Open Network was developed in 2017 with a proof-of-stake mechanism to enable decentralized services such as decentralized storage, anonymous networks, DNS, rapid payments, etc.