Telegram has launched a crypto payment feature to complement its Telegram Open Network (TON) Foundation. The feature will allow users to send Toncoin, the organization’s cryptocurrency, to other Telegram users without any transaction fees.
Telegram users now have the option of downloading Telegram’s official wallet bot, which allows them to buy cryptocurrency, trade it, and send it to other wallets.
“It’s a new way to 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,” the company tweeted.
“We expect this functionality to expand into consumer-to-business payments, allowing users to quickly purchase products and services by sending Toncoin using the bots,” the TON Foundation said in a statement.
Telegram’s CEO and co-founder Pavel Durov recently acknowledged that the Telegram Open Network (TON) blockchain technology is still in the works after the company officially abandoned the project last year.
“I am proud that the technology we have created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain space, ”Durov said in a Telegram article. According to TON Foundation, the bot has already been used by 800,000 accounts and has processed over 52 million transactions, and has over 486,000 wallets.
Toncoin and its controversy with SEC
SEC filed suit against Telegram after it raised $1.7 billion to develop its token, calling it an illegal token offering. In subsequent years, the company paid the SEC a fine and agreed to return investor capital. After that, Telegram’s CEO Pavel Durov endorsed a separate spinoff token Toncoin, which appears to be independent of Telegram. This is the coin that can now be used for payment on Telegram, according to the report.
“We anticipate that this functionality will extend into the consumer to business payments so that people can easily acquire goods and services by sending ton coin via bots in the Telegram app,” the TON Foundation said.
Here’s how to quickly enable crypto payment in Telegram.
a) Open the Telegram messenger and search for “wallet”
b) After adding the Telegram’s official wallet, users can pull up the wallet by running the command “/start” and then attaching it to the menu.
c) Now, search for the recipient’s name you want to send, confirm all the details, and then hit “Send.”
d) Your recipient will receive the Toncoin through the chat.