Telegram Launches Crypto Payment With Toncoin

• Telegram has announced that users will now be able to send cryptocurrency to one another within the messaging app.

• The platform will allow the transfer of Toncoin rather than other types of cryptocurrency.

• The TON Foundation has added crypto payments to Telegram, similar to Twitter’s Bitcoin payment.

Messaging app giant, Telegram has announced the launch of its crypto payment feature. The company disclosed that users will now be able to send Toncoin, the cryptocurrency of Telegram’s blockchain, TON Foundation.

In a post that was made on Twitter, the company revealed that you will be allowed to send the coin directly from chats within the messaging app with no fees attached.

A short video was also posted showing how the crypto payment will work on the platform. To get started, you’ll have to add the Telegram wallet bot. This bot allows you to purchase cryptocurrency by bank card, exchange, and transfer to other wallets.

When you’re ready to send crypto, simply pull up the wallet from your attachment menu in a chat. Proceed to enter the amount of Toncoin you want to send and confirm the details. The recipient will receive the amount of Toncoin you selected, through the chat.

Read also: Crypto Adoption in Africa and the Stunning Growth of Blockchain Tech

In 2020, Telegram shut down its cryptocurrency operation as a result of intense pressure from the Securities and Exchange Commission (SEC). The project, which was originally known as the Telegram Open Network (TON), was created in 2018.

In 2019, the SEC ordered Telegram to stop the sales of Gram, the TON blockchain token. It was said that the social media platform had failed to register the $1.7 billion in sales collected in pre-initial Coin Offering.

Follow Naija.FM on our social media handles Facebook, Instagram, and Twitter to keep up with trending gist and entertainment news.