How to Send Cryptocurrency on Telegram

2 May, 2022 11:25 IST|Sakshi Post

San Francisco: Telegram, the encrypted messaging platform that previously abandoned its token, now accepts cryptocurrency payments.

According to Protocol, the integration might help crypto payments become more common on chat networks.

The TON Foundation, which oversees the Toncoin token, has allowed fee-free payments and crypto-to-crypto transfers in the app using Toncoin (TON). It has also included the possibility to purchase bitcoin directly from the app.

After a legal challenge from the AUS Securities and Exchange Commission (SEC), Telegram, which has around 550 million users, abandoned its ambition to issue its coin.

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The Securities and Exchange Commission (SEC) sued Telegram in 2019 after raising $1.7 billion to build its cryptocurrency, which the SEC deemed an unlawful token sale.

Telegram eventually agreed to pay a fine to the SEC and refund funds to investors.

Since then, Telegram CEO Pavel Durov has promoted Toncoin, a new spin-off asset that appears to be unrelated to Telegram. According to the article, this is the coin that may now be used to make payments on Telegram.

The TON Foundation stated on Twitter that it has allowed the possibility to transmit Toncoin "without transaction fees to any Telegram user."

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