Telegram users can now send crypto without paying gas fees

Last updated:

Instant messaging app Telegram has launched a new crypto payment feature featuring Toncoin (TON).

Basically, TON stands for The Open Network, which is a decentralized blockchain designed and created by Telegram. It also provides various decentralized services such as DNS, anonymous networks and much more.

telegram

How to use Telegram’s crypto payment feature?

Firstly, users must opt-in via the official ‘Wallet Bot’. This Wallet Bot enables consumers to purchase cryptocurrency with a bank card and then exchange or transfer them to other wallets.

Currently, Telegram’s crypto feature works with Bitcoin (BTC) or Toncoin (TON). To simply make a transfer, click on the “Wallet” icon in direct messages.

This is to note that the Toncoin transactions will not incur any gas or commission fees.

Add wallet to the menu

The company tweeted “You can now send #Toncoin directly within chats. It’s a new way to send Toncoin without transaction fees to any user. With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations”.

What led to that decision from Telegram?

To begin, the SEC took legal action against the messaging app in 2019 after it generated over $1.7 million through the sale of unlicensed tokens. After that, Telegram returned $1.224 million to its investors in June 2020.

During the legal battle, the messaging app gave control of ‘Telegram Open Network’ and Toncoin to The Open Network problem. In particular, The Open Network is an open code community dedicated to Toncoin’s development.

Besides, Twitter now offers a similar service after accepting bitcoin payments for its Tips feature. Furthermore, following Elon Musk’s acquisition of Twitter, enthusiasts anticipate more cryptocurrency-related developments. By the same token, Stripe announced last week that it will use Ethereum scaler Polygon to enable customers to pay in cryptocurrency.