The popular app Telegram now supports crypto payments. Users can send Toncoin, the virtual currency directly through chats within the messaging app.
TON is an open network platform and it broke the news that users of Telegram can perform Toncoin payments for free. Virtual currencies are gradually accepted in many countries and Telegram allowing the transactions could turn it into a growing trend.
Besides, users can also buy bitcoin on Telegram.
Support for cryptocurrency is not new to Telegram though. Back in around 2019, Telegram acquired $1.7 billion to develop its own crypto token. The plan though, suffered a setback when SEC sued it in 2019.
In return, it ended up paying a hefty fine to the (Security and Exchange Commission) SEC which also ended its crypto business back then. Now, the digital currency is back again on the app which is a spinoff of Telegram’s own venture. However, Telegram’s CEO Pavel Durov maintains that Toncoin is free of the app’s system.
Regarding the addition of Toncoin in Telegram, the TON Foundation said, users, can send Toncoin “without transaction fees to any Telegram user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations.” Also read: WhatsApp Updates: New Features for Web and Voice Messages
Crypto in Telegram, Will it be mainstream now?
Crypto payments on Telegram are the latest solid effort in an attempt to make virtual currencies mainstream. And the facility in an instant messaging app will efficiently make it easier for cross-border payment.
Tech giants like Facebook have tried on starting such a service before scrapping the idea. But Telegram allowing crypto payments could be a new dawn in its proliferation.
Telegram has over 550 million users worldwide and the addition of Toncoin could be a breaking point for the spread of cryptos on apps.
To make crypto payments in Telegram, you need to add a Wallet bot on Telegram. Then, it allows you to “purchase cryptocurrency by bank card, exchange, and transfer to other wallets”, TON Foundation says.
But users’ ability to transact cryptos will be subject to state regulations. Cryptos are not accepted in many countries and users should be extra wary in taking the acknowledgment this.