The Open Network, a decentralized blockchain designed and created by Telegram, has announced the release of a crypto payment feature via Toncoin (TON).
Through Telegram’s new official ‘Wallet Bot’, users will be able to purchase cryptocurrencies with a bank card, then exchange and transfer them to other wallets. Apart from Toncoin, users can also send citcoin by clicking on the Wallet icon. Transactions made with Toncoins won’t have any gas or commission fees.
In 2019, the U.S. Securities and Exchange Commission filed legal actions against Telegram after it raised over $1.7 million through a private token sale, and the SEC alleged that the tokens were unregistered. In June 2020, Telegram agreed to give $1.224 million back to investors.
During the legal battle, Telegram gave control of the ‘Telegram Open Network’ and Toincoin to The Open Network, an open code community dedicated to developing Toncoin and associated blockchain.
Users who wish to send Toncoin through the Bot Wallet (which over 800,000 accounts have used since its launch this week) will have to download Telegram’s latest version.
You can now send #Toncoin directly within Telegram chats!— TON (@ton_blockchain) April 26, 2022
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
On the Flipside
- Similarly to Discord, Telegram allows users to create bots to automize activities on the platform.