- Telegram launched Stars, an in-app currency, for purchasing digital goods within its mini apps.
- Stars can be purchased with fiat currency and withdrawn in Toncoin (TON), Telegram’s favored cryptocurrency.
- Telegram developers keep 70% of in-app transaction revenue, bolstering the platform’s appeal for commerce.
The CEO of Telegram, Pavel Durov, announced the introduction of Stars, a new in-app currency that will make it easier to buy digital products and services inside Telegram mini apps. The goal of this project is to grow the app’s cryptocurrency-backed ecosystem and improve user experience.
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Stars can be bought with actual cash through in-app purchases on iOS and Android, or they can be bought within Telegram. Stars can be used by users to purchase digital goods from Telegram mini apps, like Hamster Kombat and Notcoin.
Telegram developers have the option to withdraw their Stars in Toncoin (TON), the platform’s preferred cryptocurrency, via The Open Network. Developers and suppliers can then use the Wallet bot on Telegram to convert their TON into other cryptocurrencies, such as USDT.
Durov and Tether announced a partnership which will make the experience of conducting business on Telegram easier and more attractive to investors. Additionally, Durov announced that developers would keep 70% of in-app purchase revenue, which would increase the attractiveness of the Telegram ecosystem for vendors and creators.
In the recent past, Telegram’s crypto-related initiatives have achieved remarkable success. Hamster Kombat, is rapidly gaining traction in the cryptocurrency gaming community and intends to airdrop a token based on TONs to users.
Toncoin price has been positively affected by the increasing interest in these initiatives. Early on Wednesday, TON hit $7.76, it’s all-time high. With this achievement, Toncoin has the potential to reach a market capitalization of $18 billion, positioning it as one of the most valuable cryptocurrency currently.
With the launch of Stars and its integration with Toncoin, Telegram is making deliberate attempts to improve digital transactions on its network. Telegram’s potential in the changing digital economy is evident by its partnership with Tether and the success of its cryptocurrency initiatives.
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