San Francisco: After the encrypted messaging app Telegram previously gave up on its own token, it now supports crypto payments. According to Protocol, the addition could make crypto payments on messaging platforms more mainstream.Also Read – WhatsApp Working on Showing Status Updates in Chats List
The TON Foundation, which manages the toncoin token, has enabled fee-free payments, sending crypto to other users, using toncoin (TON) in the app. It also has added the ability to buy bitcoin within the app. Also Read – Sony Likely to Launch New Xperia Smartphones on May 11
Telegram, which has about 550 million users, previously dropped its plan for its own token after a legal challenge from the AUS Securities and Exchange Commission (SEC). The SEC sued Telegram in 2019 after it raised $1.7 billion to develop its token, calling it an illegal token offering. Also Read – ASUS Launches BR1100 Windows Laptop Series in India: Check Price, Features Here
Telegram later paid a fine to the SEC and agree to return capital to investors. Since then, Telegram’s CEO Pavel Durov has endorsed a separate spin-off token Toncoin that is apparently independent from Telegram. That is the coin that is now enabled for payments on Telegram, the report said.
The TON Foundation said it has enabled the ability to send Toncoin “without transaction fees to any Telegram user”, it announced on Twitter.