The TON Foundation released a new bot on April 26 that allows cryptocurrency transactions by using The Open Network’s token TON within the Telegram app.
Telegram’s more than 550,000,000 users will benefit from this new feature. They will be able send and receive TON and get a refund.
On April 28, the feature was launched. TON will now be available for purchase on OKX (a Malta-based cryptocurrency exchange), on that day.
#Toncoin’s ticker was changed to @TON on @okx
On April 28, the exchange will accept deposits starting at 3:00 UTC. Spot trading will resume at 5:05 UTC. Withdrawals of $TON will open at 9:00 UTC on April 29.
— TON (@ton_blockchain), April 27, 2022
Is Toncoin able to live up to the community’s expectations?
Telegram’s new feature could allow it to compete with other social media platforms like Twitter. Telegram, which has been supporting Bitcoin and Ethereum tips since last year, partnered recently with Stripe to offer payment features via the Coinbase stablecoin USD Coin (USDC). Reddit, and even Whatsapp have similar approaches. Reddit has a fiat-powered Whatsapp Payment feature that is available in India and Brazil.
The Foundation states that the new feature will allow users to send text messages to initiate transactions. This will eliminate the hassle of managing a crypto wallet or the long, non-human-readable crypto addresses.
According to Coindesk’s statement, the TON Foundation also expects that consumers will use this payment method to purchase goods or services from different companies.
“We expect that this functionality will be extended into consumer-to-business payments so that people can easily purchase goods and services via toncoin via bots within the Telegram app.”
Telegram dropped Toncoin but the Community kept it alive
Telegram had to cancel the original TON project in 2020 due to a lawsuit filed by the SEC. The SEC was then on an anti-ICO spree and went after major players such as Ripple and Facebook. Telegram was also targeted along with other large scams such as Bitconnect and Onecoin.
Currently, Telegram is not involved in the TON project. Pavel Durov, founder and CEO of Telegram, stated that the new team is creating “something epic” to keep Telegram at the top of social media networks. This will compete with Elon Musk’s “new Twitter,” of whom no one knows what future functionalities will be.
Pavel Durov believes that TON has “years ahead of its competitors”, but this new cryptocurrency will need to prove its value now that the ecosystem is matured and grown.
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