As reported on Twitter on Tuesday, the instant messaging app, Telegram, has launched cryptocurrency payments via Ton Token. The more than 550 million active users browsing Telegram messages can now buy and sell Bitcoin without leaving the app.
To access this feature, users must download and install the official Telegram bot Wallet, which allows them to purchase cryptocurrency via bank card, as well as exchanges and transfers to other wallets.
According to the company, users can then send Bitcoin (BTC) or Ton to other users by clicking on the Wallet icon in direct messages. As stated on a Ton Tweet: “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.”
Ton stands for Telegram Open Network and was created by the homonymous company in 2017 for decentralized services such as decentralized storage, anonymous networks, DNS, instant payments and others that use a proof-of-stake mechanism.
Cointelegraph previously reported that Telegram exited Ton in May 2020, following a lengthy battle with the U.S. Securities and Exchange Commission.
The decision came after the SEC alleged that the company sold unregistered securities to the public through its initial coin offering. To complicate matters, a New York judge previously ruled that the company also cannot distribute Grams, a Ton-like token, to investors outside the United States.
Shortly after Telegram’s developers abandoned the project, cryptocurrency enthusiasts around the world quickly took the reins and launched the free Ton network, based on Ton technology, with its own mainnet.In addition, there are currently numerous cryptocurrency channels and groups in Telegram, such as Binance Announcements, CoinGape, Trading Crypto Guide, Altcoin & Bitcoin Trading, Bull&Bear Signals, and many others.