Telegram launches payment in Toncoin (TON) and bitcoin (BTC) by message

The Open Network allows users to send Toncoins via Telegram chat.

The Open Network (TON)

The Open Network (TON)is a blockchain Proof-of-Stake third generation designed in 2018 by the Durov brothers, the founders of Telegram Messenger. Subsequently, it was entrusted to the open community TON, which has been supporting and developing it ever since. TON was designed for fast transactions.

In October 2019, the United States Securities and Exchange Commission filed a lawsuit against the messaging app after Telegram raised $1.7 billion through a private token sale. The SEC alleged that the GRAM tokens were unregistered securities. As part of a deal reached in June 2020, Telegram agreed to return $1.224 billion to investors.

In the process, Telegram ceded control of the Telegram Open Network and Toncoin, now the 205th largest cryptocurrency according to with a value of $2.83 billion, to The Open Network, a community open-source dedicated to the development of Toncoin and the associated blockchain.

To date, more than 40 independent developers from different regions are working on the project as a nonprofit community of the TON Foundation, funded by donations and admissions.

TON announced this week the addition of a bot which allows the more than 550 million Telegram users to send cryptocurrency to other users via chat. The initial launch of the bot “ wallet will make it possible to send and receive Toncoins, which, according to the developers, will be free of transaction fees.

TON Wallet

To use this amazing feature, users will need to download and install the botTelegram Wallet. Then, users can freely buy cryptos using their bank cards and then transfer or exchange them to other wallets.

With TON, cryptocurrency payments are almost instantaneous. Users do not need to enter long wallet addresses and wait for confirmations. They can easily send TON or BTC to other people just by clicking on the wallet icon which is in the messaging app.

According to the company, they can then send bitcoins (BTC) or Toncoins to other users by clicking the “Wallet” icon in direct messages.

According to The Open Network, people wishing to send Toncoin through the newwallet botwhich has reportedly been used by more than 800,000 accounts on Telegram since its activation earlier this week, will need to install the latest version of the Telegram app.

Telegram has been a crypto partner since its inception. It is now unveiling a breakthrough feature that enables a faster, more transparent and reliable way to send and receive crypto payments on a messaging app.

source: TON

A similar tool was created in 2019 by Lightning Labs, a group developing on the Bitcoin Lightning Network. Dubbed the Lightning Torch, users can send small amounts of bitcoins, called satoshis, via Twitter. In September 2021, Twitter integrated bitcoin tips via the Lightning Network into its platform, and in February added Ethereum addresses to its Tips feature.

Cryptocurrency payments are becoming more and more accessible. Especially for small amounts, to tip content creators or support a cause. We are moving further and further away from traditional payment methods through this type of initiative.

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Alexis Patin

Observer of the social, economic and financial revolution driven by cryptocurrencies, defi and metaverses.

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Telegram launches payment in Toncoin (TON) and bitcoin (BTC) by message

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