Telegram users can now purchase and sell cryptocurrency without leaving the app thanks to a recent upgrade of the wallet bot. The wallet bot was created by The Open Network (TON), formerly Telegram Open Network, in April. The Telegram app originally allowed users to sell, trade and buy Toncoin (TON), but a new update added a fully functional cryptocurrency wallet.
The wallet bot was developed by an independent team made up of TON developers to make crypto transactions easier for Telegram users. A representative from the TON Foundation told Cointelegraph, “The creation of the wallet bot is handled by an independent development team, and we are certainly happy that more and more projects are choosing TON as the basis for creating new products,” continuing to say:
“TON is intended for millions of users, and one of our goals is to make the use of blockchain no more complicated than using applications that users are used to.”
The wallet bot is also a fiat on ramp, allowing users the ability to buy TON using their Telegram app credit cards. There are currently four supported fiat currencies to buy and sell Toncoin: the United States dollar, Euros, Ukrainian hryvnia and Belarusian Rubles, as well as Kazakhstani tenge and the Belarusian rubles.
Telegram transactions can be made through the exchange service. This facilitates the transactions and also acts as a guarantee. The other party may carry out the transactions in complete anonymity; nevertheless, users must provide the bot with their cell phone numbers before participating in any cryptocurrency-related activities made accessible by the application.
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The wallet bot doesn’t charge any fees for buying crypto through Telegram, but sellers will be charged a commission fee equivalent to 0.9% of the selling price for each complete transaction. The app currently can only be used for purchasing Bitcoin (BTC), and Toncoins (TON). The TON Foundation is working to increase the availability of cryptocurrencies for purchase. To transfer crypto using the peer-to–peer functionality of Telegram, users must register with The Open Network.
When transferring crypto to another person, users send the coins to the recipient’s Telegram handle instead of their address. The TON Foundation representative highlighted this feature, saying, “The @wallet bot team is making great strides in this direction, as you can now buy, exchange, and send Toncoin to your contacts without leaving Telegram. You don’t need to have long addresses or make special requests. We think that the future lies in projects like this.”
History of Telegram & The Open Network
Telegram Messenger gained huge popularity in the crypto community because of its encrypted messaging and ability create group chats. Automating tasks within groups and chats is also easier thanks to the bot functionality. Bots can respond to questions, ban users and connect users to resources that are useful for their project.
Telegram started monetization plans in 2017 for its application, which was free of ads. Telegram founders Pavel Durov (or The Open Network), created Telegram Open Network or The Open Network. The whitepaper was published in January 2018. The Open Network is a platform that allows for decentralized apps, and a payment processing alternative to major networks like Visa.
Telegram had a private sales for GRAM in order to raise funds to develop TON. Investors could also exchange GRAM for TON tokens when the project was launched. The United States Securities and Exchange Commission later classified the token sale as an unregistered security offering. Telegram therefore decided to stop its active involvement in TON by 2020.
Telegram and SEC agreed on June 11, 2020 to a deal where Telegram would reimburse $1.22 Billion as termination fees in GRAM purchase contracts and pay an $18.5 M penalty to the SEC. Telegram agreed to give the SEC notice prior to any sale of digital assets within the next three year.
Free TON, an independent venture, was launched on May 7, 2020 to support the Telegram Open Network’s development using the freely accessible source code. By January 2021, the community had grown to more than 30,000 people. Telegram later transferred ton.org’s domain to the TON Foundation.
The TON foundation has assumed responsibility for the Telegram token’s underlying cryptocurrency (TON). Users of the apps worked together to raise funds for the cause before this. They contributed over $1 billion to the development of the TON ecosystem.
Telegram and TON are looking to the future.
It is possible that the TON Foundation’s new Telegram bot update may pave the way for a global cryptocurrency payments service. If the wallet bot proves popular, the app could also act as a catalyst for crypto adoption.
When asked about the future of Telegram and The Open Network, a TON Foundation representative told Cointelegraph, “Telegram is a user-friendly platform for everyone in the Web3 world — both for communication and developing products using their disruptive technologies. Furthermore, the open platform allows developers to create working products with real-world use cases that can be deployed in the app.”
“The wallet bot, based on TON, is a great example of this. There are also many services on Telegram that already use TON, such as donate, mobile and others,” they stated, adding, “A significant development is the launch of the Telegram username auction, which is a great demonstration of how the simplicity of tokenization on TON can open up many real-world examples of the use of blockchain technology.”
The Open Network also developed other Telegram bots for different purposes. Creators can use the donate bot to accept donations through special buttons. This will allow them to facilitate payment within Telegram. Contacting the donate bot is all that’s required. Follow the instructions.
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In order to receive the donations, the user will need to add the bot on the channel as an administrator. Mobile bots allow users to connect to the internet even when Wi-Fi is not available. Telegram username auction lets users purchase and sell their Telegram handles to earn TON tokens.
The recent update to Telegram’s wallet bot can open up a wider range of the public to using cryptocurrency. It can also further solidify Telegram’s reputation as one of the go-to apps for blockchain-based projects seeking to build a community, especially if additional tokens are added to the platform. Telegram already has a large crypto community using it, and the ability for users to buy and send crypto could help them gain more customers.