Telegram gets new Crypto Payment Option using TON
Telegram has Introduced a new crypto feature to its platform and it allows users to send Toncoin (TON Foundation’s native token) to each other.
This feature is similar 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.
On May 12, 2020, Telegram officially abandoned its $1.7 billion crypto project- The Telegram Open Network (TON).
The company had launched the program with its 2018 ICO in an attempt to monetize the messaging platform. However, Telegram was forced to give up on its upcoming blockchain network following a lengthy, protracted dispute with the U.S. Securities and Exchange Commission.
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
“Telegram’s active involvement with TON is over,” wrote Pavel Durov, co-founder of Telegram, in a blog post. Later, community organizations such as Free TON, NewTON, and the TON Chinese Community brought the project back to life using Telegram’s open-source code.
How To Use The New Telegram Crypto Feature
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.
Upon successfully installation of 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.