Sending crypto is now just a message away with Telegram's newest feature.
The messaging app is now introducing crypto payments via The Open Network (TON), its official wallet bot.
On a Twitter post Wednesday, the instant messaging app announced that they would be rolling out sending and receiving of crypto via TON Token.
This is yet another innovation from Telegram because it's the first-ever messaging app that will allow quick, secure, and hassle-free crypto payments.
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TON is adding another bot that will allow the millions of Telegram users to easily send and receive crypto payments via chat. Best of all, transactions are for free. Yes, you can send and receive crypto payments at zero transaction fees and right then and there while chatting.
Convenience at its finest!
TON Coin Wallet Feature
To use this amazing feature, users will need to download and install Telegram's Wallet bot. With that in place, users can freely buy crypto using their bank cards and then transfer or exchange to other wallets.
With TON, crypto payments are pretty instant. Users don't have to put in lengthy wallet addresses and wait for confirmations. Users can easily send TON coin or BTC to others by simply clicking the Wallet icon found in the messaging app.
According to the company, they can then send Bitcoin (BTC) or Toncoin to other users by clicking on the "Wallet" icon in direct messages.
Telegram has been a crypto partner ever since its inception. And now, they are unveiling a groundbreaking feature that allows a faster, seamless, and reliable way to send and receive crypto payments on a messaging app.
Crypto total market cap at $1.74 trillion on the daily chart | Source: TradingView.com
Telegram And TON Coin Saga
TON uses a proof-of-stake mechanism and was established in 2017 geared toward DNS, decentralized services, and instant payments.
Telegram and TON coin had a falling out in May 2020 because of a legal impediment with the U.S Securities and Exchange Commission.
The SEC accused Telegram of selling unregistered securities with its Initial Coin Offering (ICO). The agency filed a complaint after the messaging app was able to raise $1.7 billion from a private token sale.
By making bitcoin transfers as simple as possible, Telegram hopes to catalyze widespread adoption. (Image: Blockcrunch)
To make matters worse, a New York judge has decided not to allow the company to distribute Gram tokens to foreign investors or those outside of the United States.
Following its exit, they decided to entrust the TON coin to the TON Foundation. The Open Network instructed users that in order to send TON coins using the new wallet bot, they will need the latest version of the app installed.
Simplifying Crypto Payments
Telegram aims to simplify cryptocurrency transactions to fuel mass adoption worldwide.
Payments with the messaging app and TON coin hits the mainstream making cross-border payments cheaper and faster.
The goal here is to make crypto payment solutions a part of everyday life. This one definitely hits the mark with Telegram users.
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