It is now possible to make crypto payments through the encrypted messaging software Telegram, which earlier rejected the idea of creating its own coin.
According to Protocol, the inclusion could help to make cryptocurrency payments on messaging platforms more widely accepted and accepted.
In the app, the TON Foundation, which manages the toncoin token, has enabled fee-free payments, as well as the ability to transmit cryptocurrency to other users, all while using toncoin (TON). It has also included the ability to purchase bitcoin directly from within the app.
Telegram, which has about 550 million members, earlier abandoned its attempt to issue its own cryptocurrency in the wake of a legal challenge from the Australian Securities and Investment Commission (SEC).
The Securities and Exchange Commission (SEC) filed a lawsuit against Telegram in 2019 after the company received $1.7 billion to build its coin, accusing it of conducting an improper token offering.
Telegram later agreed to pay a fine to the Securities and Exchange Commission and to restore funds to investors.
Since then, Telegram CEO Pavel Durov has approved a distinct spin-off token called Toncoin, which is said to be completely independent of the Telegram messaging service. According to the article, this is the cryptocurrency that is now accepted for payments on Telegram.
The TON Foundation announced on Twitter that it has enabled the possibility to transmit Toncoin “without transaction fees to any Telegram user,” according to the announcement. “
