Telegram has added a new crypto feature that allows users to send Toncoin (the native token of the TON Foundation) to one another. The feature is similar to Twitter’s Bitcoin payment option introduced in September 2021 via the Tip Jar, though Twitter opted to use Stripe’s Lightning Network for crypto payments.
To use the new crypto feature, Telegram users must first download and install Telegram’s official wallet bot. The bot enables purchasing cryptocurrencies with a credit card, trading, and sending coins to other crypto wallets.
After installing the wallet bot, users can send Bitcoin (BTC) or Toncoin directly in chats by tapping the “Wallet” button in Telegram direct messages.
What is Toncoin?
Toncoin is the native cryptocurrency of the TON Foundation, a decentralized layer-1 blockchain developed in connection with Telegram. In short, the TON Foundation is Telegram’s blockchain project.
When rolling out the Toncoin payment feature, the TON Foundation noted on Twitter that people no longer need to enter long cryptographic 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 purpose of this feature is to make sending and receiving cryptocurrencies feel as simple as sending a regular text message.
At launch, Telegram’s wallet bot had already been downloaded by more than 800,000 Telegram users.
The TON Foundation gained momentum after a $1 billion fundraising round that followed Telegram’s decision to revive the crypto project it had paused in August 2020 after a lawsuit from the U.S. Securities and Exchange Commission (SEC).