Telegram has added a new crypto feature that allows users to send Toncoin (the native token of the TON Foundation) to one another. This functionality is similar to Twitter’s Bitcoin payments introduced in September 2021 via the Tip Jar feature, though Twitter opted to use the Lightning Network through Stripe for crypto transactions.
To use Telegram’s new crypto feature, users must first download and install the official Telegram wallet bot. The wallet bot enables users to buy cryptocurrency with a credit card, trade, or send funds to other crypto wallets.
Once the wallet bot is installed, users can send Toncoin (TON) or Bitcoin (BTC) to one another by tapping the “Wallet” button within a direct message in the Telegram app.
What is Toncoin?
Toncoin is the native cryptocurrency of the TON Foundation, a distributed layer-1 blockchain initially developed in association with Telegram. In short, the TON Foundation continues the blockchain project that originated from Telegram.
After launching the Toncoin payment feature in Telegram, the TON Foundation said on Twitter that users no longer need to enter long wallet addresses or wait for confirmations when sending and receiving crypto.
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
The main goal of this update is to make sending and receiving cryptocurrency feel as natural and simple as sending a regular text message.
At the time the crypto payment feature launched, the Telegram wallet bot had been downloaded by more than 800,000 Telegram users.
The TON Foundation later secured follow-up funding of $1 billion after Telegram decided to revive the crypto project it had paused in August 2020 amid legal action by the U.S. Securities and Exchange Commission (SEC).