Popular encrypted messaging app Telegram has added a new feature that allows users to send and receive crypto assets on the platform.
The Open Network (TON) Foundation, a crypto project supported by Telegram, revealed that the platform’s 550 million users can now send and receive Toncoin (TON) directly from their chat windows.
They can also interact with the messaging platform’s official wallet bot to buy, trade and send Bitcoin (BTC).
The bot allows users to exchange and transfer coins to other wallets as well as buy crypto assets using bank cards.
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
Toncoin is the token powering the decentralized layer-1 blockchain TON that Telegram developed but abandoned in 2020 following a legal battle with securities regulators.
The U.S. Securities and Exchange Commission at the time accused Telegram of violating securities laws through the unregistered sale of Grams, the native cryptocurrency of the TON blockchain at the time. The lawsuit prompted the company to cancel the project.
The TON Foundation, a community of open-source developers, stepped in and is now supporting the development of the TON blockchain following the announcement that Telegram would no longer pursue the project. The token Gram was also rebranded as Toncoin.
At time of writing, Toncoin is changing hands at $1.90 while Bitcoin is trading at $38,089.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia