Telegram introduces crypto payments using TON Foundation’s native token Toncoin
Telegram has added a new crypto feature that allows its users to send Toncoin (TON Foundation’s native token) to each other. The feature is comparable to Twitter’s Bitcoin payment feature which was introduced in September 2021 through Twitter’s Tip Jar feature. The only difference is that Twitter chose to use Stripe’s Lightning Network for crypto payments.
To use the new crypto feature, Telegram users must first download and install Telegram’s official wallet bot that allows them to purchase cryptocurrencies using credit cards, trade, or even send them to other crypto wallets.
After installing the wallet bot, users can then go ahead and send Bitcoin (BTC) or Toncoin to each other by clicking on the “Wallet” button in the direct messages on the Telegram messaging app.
What is Toncoin?
Toncoin is the native cryptocurrency of the TON Foundation, which is a decentralized layer-1 blockchain developed by Telegram. In a nutshell, the TON Foundation is Telegram’s blockchain project.
After rolling out the Toncoin crypto payments feature on Telegram the TON Foundation said via a tweet that people will no longer need to enter long cryptographic wallet addresses when sending and receiving cryptocurrencies and then wait for confirmations.
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! pic.twitter.com/EtXSMFtJj6
— TON (@ton_blockchain) April 26, 2022
The main aim of this achievement is to make sending and receiving cryptocurrencies feel like just sending normal text messages.
At the time of rolling out the crypto payment feature, Telegram’s wallet bot had already been downloaded by over 800K Telegram users.
The TON Foundation has become a success following the $1 billion funding round that was conducted after Telegram decided to advance the crypto project which it had abandoned in August 2020 following a lawsuit by the US Securities Exchange Commission (SEC).
