Giant messaging platform added support for crypto payments for the users at zero cost.
Telegram is a secured messaging app, which is popularly under use among crypto users because of its unlimited features over other messaging apps. Right now telegram is holding around 550 million users worldwide.
On 26 April, Ton Blockchain, an arm of Telegram, announced the zero fees-based crypto payment service between user to user. According to the available information from “The Ton Foundation”, an organization behind Ton Blockchain, users can transfer Bitcoin and Ton Blockchain’s native coin Ton to each other at zero cost, and also users will not be required to wait for confirmation because everything will be instant.
Telegram users can easily access this telegram bot via https://t.me/wallet and after that bot will do everything on-demand for users.
With this support feature, telegram users will not be required to go through any other third-party wallet and also will not be required to use lengthy addresses. However this sounds like a much better option for the Crypto payment system but in reality its smell something lack of decentralization.
Telegram vs US regulator
Around four years ago, Telegram started its crypto project with the TON token, for which it raised around $1.7 billion worth of funding from the investors to develop the TON coin, through the ICO method.
In 2019, US Securities and Exchange Commission (SEC) noted that such types of collecting funds and launching coin is against the laws and also falls under Securities law. For this, the telegram returned all the funding to the Investors and also paid a fine for this mistake.
On 20 April, Coindesk reported that the TON foundation again grabbed the race to move forward with its crypto project with a total of $1 billion donations.
Foundation collected around 527 million TON, which is worth around $1 billion.