Telegram Now Allows Users to Send Crypto via Its App

Telegram Now Allows Users to Send Crypto via Its App
  • The Open Network (TON) allows Telegram users to send Toncoin via chats.
  • There’s no transactions fee for sending Toncoin through Telegram messaging app 
  • Telegram claims that this new feature is easier and faster than sending Toncoin on other platforms.

TON launched a “wallet” bot which grants more than 550 million of Telegram users to send and receive Toncoins without transaction fees. In addition, users “no longer need to enter long wallet addresses and wait for confirmations.”

According to The Open Network, Telegram users who would like to send Toncoin via the new wallet bot will have to install the latest version of the app. The company revealed that the wallet bot has been used by over 800,000 accounts on Telegram after being enabled this week.

TON Foundation’s spokesperson said in a press release:

“It is hoped that this simplification of the cryptocurrency transaction process will enable greater adoption around the world, and help to embed blockchain payment solutions into people’s daily lives.”

The messaging app’s long history with crypto started in October 2019. This was when the US Securities and Exchange Commission filed a complaint against Telegram for raising $1.7 billion through an ICO. 

Telegram has offered unregistered digital tokens called “Grams,” which violated the federal securities laws. In June 2020, the company agreed to return more than $1.2 billion to investors. It also paid an $18.5 million penalty. Along the process, Telegram Open Network (TON) and Toncoin maintained their control of Telegram. Toncoin is currently the 206th largest cryptocurrency in terms of market cap as per CoinMarketCap, valued at $2.33 billion.

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Bryan is a gamer who became genuinely interested in crypto after his initial exposure to Play-to-Earn games like Axie Infinity and Pegaxy. He has basic knowledge of technical analysis and is keeping an eye out for interesting developments in the metaverse and GameFi space.