Telegram has announced that the Toncoin cryptocurrency would be used to transmit and receive payments in real-time. According to the corporation, Toncoins can be purchased with a debit card, on cryptocurrency exchanges, or transferred from other digital wallets.
Telegram users may now send TON currencies “straight within Telegram chats without transaction fees to any Telegram user,” the company stated on Twitter. “With this service, you won’t have to punch in long wallet addresses or wait for confirmations.”
Twitter began using cryptocurrency in September when then-CEO Jack Dorsey offered bitcoin tipping options.
Toncoin is a long-awaited Telegram feature
The Securities and Exchange Commission (SEC) halted the Telegram TON blockchain project in July 2020, but it was resurrected by a community of developers who believed in the concept in August of that year.
Until May 202, when it was unveiled by Pavel Durov, the messaging service CEO, at the height of the “Crypto Winter” market crisis, the blockchain was known as Telegram Open Network, or TON. Despite this, it quickly raised $1.7 billion from investors in what it claimed was not an initial coin offering (ICO) of the sort being targeted by the Securities and Exchange Commission (SEC).
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That’s because, under a section of the Securities Act that makes it far easier than a traditional public offering, the SEC pre-sold billions of what was then known as gram tokens to “accredited investors,” meaning affluent or institutional investors.
After the Securities and Exchange Commission said the grams sale constituted a pre-sale of securities and that selling them to the public would be unlawful, Telegram agreed to pay an $18.5 million fine and return the remaining $1.2 billion to investors.