In a hot development, messaging giant Telegram announced that it will accept payments with 3 coins through its application.
Telegram adds 3 more coins to cryptocurrency payments
Telegram’s The Open Network (TON)-based Wallet feature, which allows crypto payments, started accepting crypto payments last May. With the last announcement, it increased the number to 3 coins.
The Telegram Wallet system currently allows payments for goods and services in USDT, Bitcoin (BTC), and Toncoin (TON).
Details emerged in an emailed announcement Thursday. Accordingly, Telegram users will now be able to integrate USDT, BTC and TON into the bots they use to accept cryptocurrency payments. The Wallet team shared the following details in the press release:
In the past, DIY solutions existed in the form of relatively primitive bots with links to cryptocurrency payment systems or similar products connected to them. With WalletPay, users can now seamlessly accept cryptocurrency payments in the Telegram app, with features available such as the ability to pay directly within chats.
Telegram wants to advance in crypto payments
The messaging app threw out the first man for crypto payments nearly a year ago. But the payments were not widely accepted. The payments provider says only 2 million of its 700 million Telegram members use its Wallet services. With the latest move, it provides users with the opportunity to pay in new cryptocurrencies.
Telegram’s crypto journey goes back a few years to the development of the TON Blockchain project. However, this development was hampered in 2020 due to legal battles with the SEC. After the regulatory coup, the apps survived through the efforts of community members. The project was named TON Foundation after that.
USDT transactions started this year
cryptocoin.com As we reported, Telegram first announced the USDT list in May. Last April, Bitcoin (BTC) and Toncoin (TON) were added via Wallet. Toncoin (TON) could also be sent within chats.
Stabltcoins like USDT offer many benefits just as other cryptocurrencies do. But it often moves without the price volatility that surrounds the likes of Bitcoin and ETH. As such, it is a vital component for users who want to keep their money in the crypto ecosystem, but without risking being on the receiving end of any sharp fluctuations in value. Meanwhile, Telegram continues its interest in the network by building its Blockchain-based auction platform Fragment late last year, despite not being directly involved in TON.
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