Telegram, one of the leading cloud-based, cross-platform, and freeware messaging services will now allow users to send cryptocurrency. This comes shortly after the encrypted messaging application had given up on its own crypto token.
According to Protocol, the new addition has the potential to make crypto payments on other messaging platforms more mainstream.
Telegram’s relationship with cryptocurrency
The TON foundation manages the Toncoin token, and has allowed free payments and sending crypto to other users by using ton coin in the application. Besides, users can also buy Bitcoin in the application.
Telegram had previously dropped the plans of launching its very own token after a legal tiff with the Securities and Exchange Commission (SEC). In 2019, the company was sued by the SEC after it had successfully raised $1.7 billion to create its own token.
However, Telegram had to pay a fine and eventually return the money to investors. Having said that, the company’s CEO Pavel Durov has not shied away from promoting or talking about a separate entity spin-off token Toncoin. It is the same token that Telegram has now enabled for payments on the platform.
According to TON Foundation, Telegram users can send Toncoin without having to pay any transaction fees.
TON Foundation adds a new flavor to Telegram
TON Foundation has said that it has paved the way for a new and creative way for users to send and receive Toncoin from chat windows. Besides, users will also be able to seamlessly interact with the organization’s wallet bot to purchase, trade, and send Bitcoin (BTC).
The bot enables users to exchange and transfer coins to different wallets and also purchase crypto tokens using bank cards.
More about TON Foundation
TON Foundation is a cohort of open-source developers that now supports the development of TON blockchain. It stepped in after Telegram announced that it will no longer continue working on the project. When TON Foundation stepped in, they rebranded the token Gram as Toncoin.
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