Users of the Telegram messaging service will be able to send payments and transactions in Toncoin, The Open Network’s native cryptocurrency. Users that add Telegram’s wallet bot to their attachment menu will be able to purchase cryptocurrency via debit cards, cryptocurrency exchanges, or transfers to other cryptocurrency wallets. According to the startup, users will not have to wait for confirmations or provide a long wallet address when making transactions.
Telegram was compelled to stop working on crypto two years ago because the SEC said it had broken federal securities laws by providing unregistered digital tokens known as “Grams.” Later, the company was forced to repay $1.2 billion to investors and pay the SEC $18.5 million in fines.
Although the company dropped out of the project, a small group of engineers rebranded it as The Open Network and revamped Gram as Toncoin.
“I voiced the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform when Telegram bid farewell to TON last year,” Telegram founder Pavel Durov stated.
“I’m proud that the technology we invented is still alive and well. TON is still years ahead of anything else in the blockchain world in terms of scalability and performance, “he stated, “It would have been a pity if this endeavour had failed to assist humanity.”
Telegram has over 550 million users, and the move is being hailed as a step toward making cryptocurrency adoption easier.
“It is believed that this simplification of the cryptocurrency transaction procedure will assist in embedding blockchain payment solutions into people’s daily life,” a TON Foundation spokesman said.