Thursday, December 1, 2022

Telegram Users Can Send Crypto Via The Messaging App

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Telegram users can send crypto via the messaging app as of today through the Open Network as we can see more today in our latest cryptocurrency news.

The Open Network TON, a decentralized blockchain designed by Telegram announced this week that it will add a bot that allows Telegram users to send crypto to other users via chat. The initial rollout bot will allow the sending and receiving of Toncoins which the developers claim will come with no fees. In 2019, the US SEC filed a complaint against Telegram after it raised $1.7 billion in a private token sale. The SEC alleged that the tokens were unregistered securities so Telegram agreed to return the $1.224 billion back to the investors.

Telegram handed control over the Telegram Open Network and Toncoin as the 205th biggest crypto according to CoinMarketCap with a value of $2.83 billion to the Open Network community which is an open-source community dedicated to developing Toncoin and associated blockchain. According to the Open Network, those that want to send the Toncoin via the new wallet bot which was used by 800,000 accounts already, will have to install the latest version of the Telegram App.

Just like Discord, Telegram will allow users to create bots and to use them for automated activities on the platform but while Telegram allows the wallet bot, it doesn’t mean that it endorses it. A similar tool was created in 2019 by Lightning Labs a group developing the  BTC Lightning Network and the Lightning Torch users can send small amounts of BTC known as satoshis so in September 2021, Twitter made tipping via BTC a part of the platform and also added ETH addresses to the tips feature. The TON Foundation spokesperson said:

“It is hoped that this simplification of the cryptocurrency transaction process will enable greater adoption around the world, and help to embed blockchain payment solutions into people’s daily lives.”

As recently reported, Telegram’s payments bot will accept the now rebranded TonCoin cryptocurrency and the CEO Pavel Durov said he is proud that the project is alive and evolving despite terminating TON last year. Telegram co-founder Pavel Durov expressed his excitement about the Telegram Open Network and said he is happy that the technology is still developing after the company officially abandoned the project last year.

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