The Toncoin from the TON Foundation arrives on the Telegram application

Toncoin lands on Telegram

It’s official, the TON Foundation announced a new feature of payment in cryptocurrencies on the Telegram application with the Toncoin (TON) and the Bitcoin (BTC). This feature is already available if you have the latest version of the messaging application.

Using Telegram’s new Wallet Bot that will act as a wallet linked to their account, users will be able to buy BTC and Toncoins directly on Telegram with their credit card. It is also possible to deposit, exchange and withdraw it to another wallet.

Sending cryptocurrencies to another Telegram user then becomes child’s play. A few seconds are enough to enter the amount, and the transaction is executed instantly and free of charge for Toncoin. It should be specified all the same that this is not the case with a payment in Bitcoin, which will have transaction costs as well as a latency time between sending and receiving the payment.

You can now send Toncoins directly in Telegram chats! It’s a new way to send Toncoins without transaction fees to any Telegram user. With this service, you will no longer need to enter long wallet addresses and wait for confirmations. ยป

The TON Foundation hopes that this feature will extend to payment between consumers and businesses in order to acquire goods or services against payments in Toncoins or BTC on Telegram.

What is the TON Foundation?

TON is an acronym for The Open Network, a decentralized blockchain that was founded in 2018 by Telegram. A year later, the Security and Exchange Commission (SEC) brought legal action against Telegram after the latter raised $1.7 billion in a Initial Coin Offering (ICO), specifying that the tokens were not registered with the SEC, and that this ICO took place completely illegally.

This lawsuit forced Telegram to sever its ties with TON and transmit some control at the TON Foundationa community dedicated to the development of Toncoin and its blockchain.

Since then, the TON Foundation has been doing quite well since it recently raised approximately $250 million with investors such as KuCoin Ventures, MEXC Pioneer Fund or Huobi Incubator in order to develop its ecosystem.

She also announced that negotiations were underway with the Cameroon, the Democratic Republic of Congo (DRC) and the Republic of Congo for the creation of stablecoins on the TON blockchain.

๐Ÿ‘‰ Learn more about stablecoins

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About the Author : Jessy Aouali

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Master student in International Finance, I have been interested in cryptocurrencies since June 2017 and more particularly in fintech and decentralized finance. I aspire to make my contributions interesting for readers of all levels.
All articles by Jessy Aouali.

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