Telegram has rolled out crypto payment capability, as per the company’s Telegram Open Network (TON) Foundation. Users can now download Telegram’s official wallet bot, which can allow them to buy cryptocurrencies, trade them, and send them to other wallets. “We expect this functionality to expand into consumer-to-business payments, allowing users to quickly purchase products and services by sending Toncoin using the bots,” the TON Foundation said in a statement.
Here’s how to quickly enable crypto payment in Telegram.
#Open the Telegram messenger and search for “wallet”
#After adding the Telegram’s official wallet, users can pull up the wallet by running the command “/start” and then attaching it to the menu.
#Now, search for the recipient’s name you want to send, confirm all the details, and then hit “Send.”
#Your recipient will receive the Toncoin through the chat.
According to TON Foundation, the bot has already been used by 800,000 accounts and has processed over 52 million transactions and has over 486,000 wallets.
“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,” the company tweeted.
This development comes after Telegram CEO and co-founder Pavel Durov revealed that the Telegram Open Network (TON) blockchain technology is still in development after the company officially abandoned the project last year. “I am proud that the technology we have created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain space, ”Durov said in a Telegram article.
It should be noted that Telegram aimed to explore Web3 with decentralised storage last year, this project was called Telegram Open Network blockchain. However, the project was abandoned after it ran into a controversy with the United States Securities and Exchange Commission accusing Telegram of a securities law violation.
“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…I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm. It would have been a shame to see this project not benefiting humanity,” Durov added.
Meanwhile, Twitter has added function to enable users to tip with cryptocurrency. It relies on third-party payment providers like Jack Mallers’ Stripe app.