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Telegram users can now send cryptocurrency via the TON blockchain spinoff

Telegram users can now send cryptocurrency via the TON blockchain spinoff

Toncoin, the cryptocurrency based on Telegram’s abandoned blockchain project, can now be sent directly from chats within the messaging app (via Protocol). TON (The Open Network) announced on Twitter that Telegram now supports Toncoin transactions with no fees.

TON included a brief video demonstrating how cryptocurrency transactions work on the platform. To begin, add Telegram’s Wallet bot to your attachment menu, which will allow you to “purchase cryptocurrency by bank card, exchange, and transfer to other wallets.”

When you’re ready to send crypto, open the Wallet from your attachment menu while in a chat, enter the amount of Toncoin to send, confirm all the details, and then hit “Send.” Toncoin will be delivered to your recipient via chat.

Following pressure from the Securities and Exchange Commission, Telegram shut down its own cryptocurrency operation in 2020. (SEC). The project, formerly known as the Telegram Open Network (TON), was founded in 2018 by Telegram CEO Pavel Durov and his brother Nikolai. After failing to register the $1.7 billion in sales collected as part of its pre-Initial Coin Offering (ICO), the SEC ordered Telegram to halt sales of Gram, the token linked to the TON blockchain, a year later.

Even after Telegram abandoned the TON project, a group of developers renamed it The Open Network and rebranded Gram as Toncoin. Last December, Durov stated his support for the project, saying, “I’m proud that the technology we created is alive and evolving… TON is still years ahead of everything else in the blockchain realm.” The TON Foundation raised $1 billion in donations earlier this month.

source – Verge

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