Crypto Payments Now Enabled on Telegram via TON Blockchain

Marketplace For Buying Telegram Handles Now Live
  • Toncoin is down 1.47% in the last 24 hours and is trading at $1.90.
  • 800k telegram users are already using the wallet bots, said the TON Foundation.

Crypto Payments are turning out to be the favourites of crypto enthusiasts in the world. In recent months, Twitter teamed up with the Strike app to enable bitcoin payments through its feature, called Tips on bitcoin lightning network, and it also collaborated with Stripe, an online payment system, for initiating ‘crypto payouts’ to creators.

On Tuesday, Telegram announced its collaboration with the TON foundation to enable crypto payments on their app. Now 550 million telegram users can send and receive Toncoins (TON) to their contacts. They can also purchase bitcoin (BTC) through “@wallet” bot. The foundation reported that it has now raised more than 572 million Toncoins, nearly $1 billion, in its new reserve.

Telegram’s Former Blockchain

TON was formerly developed as Telegram Open Network, a decentralised L1 blockchain,  by Telegram’s founders the Durov brothers. The project’s whitepaper was launched in 2018. Telegram managed to raise $1.78 billion for TON’s 2018 initial public offering (IPO). The US Securities Exchange Commission (SEC) filed a lawsuit against Telegram claiming it was an unregistered securities sale. This postponed the issuance of TON’s tokens, formerly known as ‘grams’. The 6-month lawsuit came to an end in May 2020 when Telegram ceased the development of TON and declared that the project was no longer under their label.

The open-source code of TON was later adopted by TON Labs, a group of developers, and was developed into two different versions: Free TON, now Everscale, and NewTON. TON was renamed ‘The Open Network’ and its fully operational TON Mainnet has been live since early 2022. This multichain project is based on a proof-of-stake (PoS) consensus protocol and enables cross-chain transfers between TON, Ethereum and BNB Chain. 

Toncoin (TON) is its native token with a maximum supply of 5 billion. Sooner than 2023, the integration of bitcoin and EVM work chains on the TON ecosystem is anticipated, as per TON’s roadmap.

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