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The TON Foundation said that with the bot wallet, users can send Bitcoin and TONCoin similar to sending text on the Telegram messaging app.
One of the most widely used instant messaging apps Telegram gets the ability to make crypto payments as earlier this week, the TON Foundation unveiled this feature allowing its 550 million users to send and receive TONCoin (TON).
But to use these features, users will first have to opt through Telegram’s official Wallet Bot. This will allow them to purchase digital assets via bank cards, exchanges, and even transfer to other wallets. Apart from Toncoin, users will also be able to send Bitcoin to other users by clicking the “wallet” icon in direct messages. The official announcement reads:
“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”.
The TON Foundation said that sending Bitcoin and TonCoin will be as seamless as sending a text message. Nearly 800,000 Telegram accounts have already used the bot service it added. The TON Foundation further added: “We anticipate that this functionality will extend into the consumer to business payments, so that people can easily acquire goods and services by sending TonCoin via bots in the Telegram app”.
Details Regarding the Crypto Initiatives by TON Foundation
The TON Foundation was born from the crypto project abandoned by Telegram. The project already has the backing of Telegram founder Pavel Durov.
TON stands for The Open Network created for decentralized services such as DNS, autonomous networks, decentralized storage, instant payments, etc. Following strong scrutiny by the US Securities and Exchange Commission (SEC), Telegram decided to abandon TON in May 2020.
The project has, however, continued with support from users. Recently, the TON foundation secured $1 billion from its platform users. A majority of the donations came in the native cryptocurrency TONCoin. The users have donated more than 527 million TON coins worth around $1 billion.
Briefing further, a TON Foundation spokesperson said:
“These funds came through a total of 176 separate donations with a majority of them coming from large holders. Of all the donations, 18 donors donated more than 10 million TONs each. However, 37 donors donated more than 4 million TON”.
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