Telegram said on April 26 that the TON Foundation, a decentralized layer-1 blockchain created by Telegram, has introduced a special crypto payments function to the chat service.
Users can transmit Toncoin, the company’s cryptocurrency, to all other Telegram users without incurring any transaction costs.
“You won’t have to enter complex wallet addresses or wait for verification with this service,” the Foundation said in a tweet announcing the functionality.
The tool is identical to the Bitcoin payments feature that Elon Musk’s Twitter has been delivering since September last year through its Tip Jar feature. Twitter, on the other hand, makes payments through the Stripe platform.
The TON Foundation stated, “We believe that this functionality will extend into consumer’s company payments, allowing individuals to quickly obtain goods and services by transferring toncoin through bots in the Telegram app.”
According to the TON Foundation’s website, the Toncoin platform has processed more than 52 million transactions and has more than 486,000 wallets.
When the US Securities and Exchange Commission (SEC) halted Telegram’s $1.7 billion token issuing for an initial coin offering (ICO), the Toncoin token was created (ICO).
At the time, Stephanie Avakian, co-director of the SEC’s Division of Enforcement, said, “Our emergency action today is aimed to deter Telegram from saturating the US markets with digital assets that we believe were unlawfully issued.”
“We argue that the defendants did fail to provide detailed information required by the securities policies regarding Grams and Telegram’s operational processes, economic position, risk factors, and management,” he added.
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