The TON Foundation has made official the integration of Toncoin (TON) into Telegram, one of the world’s most popular messaging apps with more than 550 million daily active users. The move paves the way for cryptocurrency payments on Telegram.
Toncoin comes to Telegram
It’s official, the TON Foundation has announced a new cryptocurrency payment feature on the Telegram app with Toncoin (TON) and Bitcoin (BTC). This feature is already available if you have the latest version of the messaging app.
Using Telegram’s new Wallet Bot, which will serve as a wallet linked to one’s account, users will be able to purchase BTC and Toncoins directly on Telegram with their bank card. It is also possible to deposit, trade and withdraw them to another wallet.
Sending cryptocurrencies to another Telegram user is a breeze. It only takes a few seconds to enter the amount, and the transaction is carried out instantly and at no cost to the Toncoin. It should be noted that this is not the case with a payment in Bitcoin, which will have transaction fees as well as a latency time between the sending and receiving of the payment.
You can now send Toncoin directly within Telegram chats!
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.
Watch the video and test the new feature! pic.twitter.com/EtXSMFtJj6
– TON (@ton_blockchain) April 26, 2022
” You can now send Toncoins directly in Telegram chats! This is a new way to send Toncoins without transaction fees to any Telegram user. With this service, you won’t have to enter long wallet addresses and wait for confirmations. “
The TON Foundation hopes that this feature will extend to consumer-to-business payments to acquire goods or services for payments in Toncoins or BTC on Telegram.
What is the TON Foundation
TON stands for The Open Network, a decentralised blockchain that was founded in 2018 by Telegram. A year later, the Security and Exchange Commission (SEC) filed a lawsuit against Telegram after it raised $1.7 billion in an Initial Coin Offering (ICO), stating that the tokens were not registered with the SEC, and that the ICO took place illegally.
This legal action forced Telegram to sever its ties with TON and hand over control to the TON Foundation, a community dedicated to the development of Toncoin and its blockchain.
Since then, the TON Foundation has been doing quite well as it recently raised about $250 million from investors such as KuCoin Ventures, MEXC Pioneer Fund and Huobi Incubator to develop its ecosystem.
It also announced that negotiations were underway with Cameroon, the Democratic Republic of Congo (DRC) and the Republic of Congo for the creation of stablecoins on the TON blockchain.
