Telegram now allows users to send crypto payments using toncoin

Telegram, which has over 550 million regular users, has chosen to enable users to send and receive cryptocurrencies. Crypto payments may be made straight from chats inside the instant messaging service. According to a tweet from The Open Network (TON) Foundation, they may now transmit and receive Toncoin.

The tweet was accompanied by a brief video demonstrating how cryptocurrency transactions function on the platform. It is stated that users must add Telegram’s Wallet bot to their attachment menu in order to “buy cryptocurrencies by bank card, trade, and transfer to other wallets.”

The organisation, which is in charge of constructing the TON blockchain, revealed last week that it has received $1 billion in donations to support its development activities. Users will not have to pay transaction fees, according to the accompanying video. They will also not be necessary to input long crypto addresses because the app has wallet capabilities.

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Telegram, which has about 550 million users, earlier abandoned its idea for its own coin in response to a legal challenge from the Australian Securities and Exchange Commission (SEC). The SEC filed a lawsuit against Telegram in 2019 after it received $1.7 billion to build its currency, accusing it of conducting an improper token sale.

Telegram eventually agreed to pay a fine to the SEC and refund funds to investors. Since then, Telegram CEO Pavel Durov has backed Toncoin, a new spin-off cryptocurrency that appears to be independent of Telegram. According to the article, this is the coin that may now be used to make payments on Telegram.

The TON Foundation stated on Twitter that it has allowed the possibility to transmit Toncoin “without transaction fees to any Telegram user.”

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Last Updated May 2, 2022, 5:16 PM IST