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Crypto on Telegram: Users can now trade Bitcoin directly with each other

 


With the latest update, the news service Telegram enables its users to trade with each other directly in the crypto app. The offer includes Bitcoin as well as the in-house Toncoin, which has been in use since April.


Telegram is undoubtedly driving the major crypto adaptation hoped for in the scene . The latest update allows users to trade Bitcoin and Toncoin between themselves for a range of fiat currencies. Euro, US dollar, hryvnia, tenge and - no kidding - the Belarusian ruble can now be traded against the two cryptocurrencies.


As early as April, the development team implemented the Wallet Bot, a way that users can buy and trade crypto directly with their credit card and transfer it to other wallets. For the time being, however, this service only allowed the direct purchase of the in-house Toncoin (TON) - including transactions between user wallets.


Telegram continues to put out feelers towards crypto

The GRAM token, which was developed by the Durov brothers and already reeled in 1.2 billion US dollars in 2017, unfortunately never saw the light of day. The American Securities and Exchange Commission (SEC) forced Telegram to return the money to investors, even hitting a heavy fine of $18.5 million on top of that.


After Telegram withdrew from the project, the TON Foundation took over the project as a decentralized community. As one newsreader put it:


“One of our goals is the fusion of blockchain technology and the traditional internet. To further strengthen the decentralized concept, TON creates its own ecosystem – including DNS, websites and proxies.”


With the new features, the developers have really made a big leap. Although only Bitcoin and Toncoin are currently available as cryptocurrencies, many more are to follow in the near future. The fact that the TON is already fully peer-to-peer transferable is worthy of all praise. Nevertheless, there can be no question of complete anonymity, since the users have to store their telephone number.


Bitcoin and Toncoin for everyone

The new feature is definitely a big step towards mass adoption: Users only pay 0.9% commission for their crypto purchase and, according to a company representative, the target group is also deliberately kept broad:


“The service is aimed at ordinary users and offers a low barrier to entry to learn about blockchain. Many of TON's services are similar to the usual applications that people are already familiar with. Without leaving Telegram and without long wallet addresses, you can send your cryptos to friends (…)”


It is an understatement to say that users are enthusiastic about the service: the messenger service already has 1.3 million wallets. The TON token is currently trading at $1.40 with a market cap of $1.7 billion.


The all-time high of $4.50 from November 2021 is still a long way off, despite recent developments.


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All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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