Cryptocurrency sending and receiving is now possible through Telegram, which boasts more than 550 million daily active users.
Instant messaging service users can send and receive crypto payments directly from their chats. Tweeted by The Open Network (TON) Foundation, it is now possible for them to send and receive Toncoin.
To accompany the tweet, there was a short video demonstrating how crypto transactions function on the platform
In order to “buy cryptocurrencies by bank card, exchange, and transfer to other wallets,” Telegram’s Wallet bot must be added to the attachment menu.
“Toncoin can now be sent within Telegram chats directly. It’s a brand-new way to send Toncoin to any Telegram user without having to pay any transaction fees.
You won’t have to enter long wallet addresses or wait for confirmations with this service,” said the TON Foundation, a non-profit that is developing the TON blockchain.
The foundation, which announced last week that it had raised $1 billion in donations to further its development efforts, is responsible for developing the blockchain.
The accompanying video stated that there will be no transaction costs for customers. As a result, they will no longer be required to enter the long crypto addresses with wallet functionality embedded in the app.
This development comes two years after Telegram engaged in a lengthy bout with SEC in 2019, which forced it to shut down its own cryptocurrency operation, including the native token “Gram,” in 2020.
The Telegram Open Network was the brainchild of Pavel Durov, CEO of Telegram, and his brother Nikolai, a programmer (TON).
The TON project was abandoned by Telegram, but a small team of developers continued to work on it nevertheless after that. It was eventually renamed and rebranded Toncoin as The Open Network.
Twitter, on the other hand, has a similar feature. It supports Lightning Network payments from its system. Recently, the payment processing company Stripe announced that it will allow Polygon to accept cryptographic currency payments.
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