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Telegram is Now Allowing Crypto Payments on App Via Revived Blockchain Project
Telegram now allows users to transfer Toncoin, a cryptocurrency based on Telegram's abandoned blockchain project, directly through the messaging app's chats (via Protocol). Telegram now accepts Toncoin transactions with no fees attached, according to a tweet from TON (The Open Network).
A short video was supplied by TON to demonstrate how crypto transactions function on the site. To begin, users will have to add Telegram’s Wallet bot to the attachment menu, which allows you to “purchase cryptocurrency by bank card, exchange, and transfer to other wallets.”
“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!” TON said in a tweet.
When you're ready to send crypto, open the Wallet from your attachment menu while in a chat, type in the amount of Toncoin you'd like to send, confirm all the details, and then hit "Send." The Toncoin will be sent to your recipient via chat.
Following pressure from the Securities and Exchange Commission (SEC), the Telegram app shut down its own cryptocurrency activity in 2020. Telegram CEO Pavel Durov and his brother Nikolai created the initiative, which was initially known as the Telegram Open Network (TON), in 2018. After failing to record the $1.7 billion in sales received as part of its pre-Initial Coin Offering (ICO), the SEC ordered Telegram to cease its sales of Gram, the token associated with the TON blockchain, a year later.
A group of engineers kept the TON project alive when Telegram abandoned it, renaming it The Open Network and rebranding Gram as Toncoin. "I'm glad that the technology we invented is alive and evolving... TON is still years ahead of anything else in the blockchain realm," Durov said in December, expressing his support for the project. The TON Foundation raised $1 billion in donations earlier this month.
“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform…So I was inspired to see the champions of Telegram’s coding contests continue developing the open TON project, which they rebranded to Toncoin. It would have been a shame to see this project not benefiting humanity,” Durov added.
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