A post was made on Twitter this Tuesday where it was mentioned that Telegram, the quick-messaging application has rolled out payments of cryptocurrency with the help of Toncoin (TON). In order to use this latest feature, a user needs to opt-in via the official Wallet Bot of Telegram. This will help them to buy crypto using a bank card, and transfer and exchange it to any other wallets.
Telegram Can Be Used To Transfer Crypto Via Revived Blockchain Project
As per the platform, Bitcoins can be directly sent along with Toncoin to any user in the world with just a click on the icon of the ‘wallet’ in the direct messages option. In the official post by TON, the Toncoin can be directly transferred in the chats of Telegram. Nearly, 550 million users of Telegram explore messages on this platform.
This is a way where the coins can be sent without any fee or transaction for the users. Moreover, people do not have to opt for long wallet addresses and valid confirmations. The full form of TON is The Open Network which was established by Telegram in the year 2017 with the purpose of providing decentralized services such as storage, DNS, quick payments, anonymous networks, and many more.
All these services are provided using a mechanism known as proof-of-stake. In a previous report by Cointelegraph, it was said that TON was abandoned by Telegram in 2020 after a long fight with the Exchange Securities and United States Securities.
The decision of the legal fight arrived after the accusation of the SEC that the above-mentioned company used to sell securities that were unregistered to the common people without their knowledge. This selling procedure was fulfilled through the offering of coins at the initial stage. The matter got more complicated after the fact that a judge in New York gave a judgment previously that was against any company that distributed Grams.