The popular messaging app Telegram is once again adding crypto payments to the features. Telegram users can now send and receive toncoin token (TON) on the app without any transaction fees. Back in 2019, Telegram made a failed attempt to use their native token TEL for crypto payments. This time however, the CEO Pavel Durov seems to have learned his lesson, especially when it comes down on how to deal with the SEC.
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Crypto Payments Return!
Telegram has teamed up with TON foundation to make their messaging app great again. With this updates, users can send and receive toncoin and also buy Bitcoin inside the application.
The TON foundation says this will enable the ability to send Toncoin “without transaction fees to any Telegram user,”. Moreover, since users already exist on the same platform, there will be no need to enter wallet addresses and wait for confirmations.
At this point, it might seem like a try-hard effort to use crypto payments on an app. However, such implementations can be useful in order to make crypto mainstream. Such features on already popular apps bring the crypto to the user instead of a user looking for crypto exchange apps. On the other hand, the 550 million users around the world using Telegram could also raise some serious capital for Toncoin.
Other social media platforms are also pursuing the same strategy and thus far, none have really made it. The most noteworthy example is Facebook’s failed cryptocurrency.
Fool Me Once
Telegram was pretty early to the crypto game. The messaging app issued their native token named Telegram (TEL) back in 2018. Soon after, the securities and exchange commission went after them with a legal challenge. The SEC sued telegram in 2019 after the app raised over $1.7 billion to develop the token. The SEC called the it an illegal token offering and won the lawsuit. Subsequently, Telegram paid SEC a fine and returned the money back to investors.
Well, this time Pavel Durov has done his homework and is ready to get back at SEC. The TON foundation which works independently from Telegram will be implementing their token Toncoin.
And this time, they have already managed to raise $1 billion for the project. And of course with a 550 million user base, we can expect a lot more capital going to this project.
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