Telegram Users Can Now Send, Receive Crypto Following 2-year Hiatus

Telegram users can now send and receive Toncoin, as well as make purchases in bitcoin, following the abandonment of the project in 2019

article-image

Source: Shutterstock

share

key takeaways

  • The TON Foundation announced Tuesday a new bot for use within social app Telegram, enabling users to send and receive Toncoin to one another
  • It marks the first time Telegram has added crypto functionality onto its platform following a bout with the SEC in 2019

Cryptocurrency functionality has been added back into the social app Telegram following a more than two-year hiatus stemming from a lengthy bout with the SEC in 2019.

Users can now send and receive Toncoin, as well as make bitcoin purchases via the app, according to a Tuesday tweet by The Open Network (TON) Foundation. Telegram boasts more than 550 million active users and is one of the world’s most popular social networks.

The foundation is responsible for the development of the TON blockchain which enables the crypto infrastructure for use within the social app. Last week, the foundation announced that it had raised $1 billion in donations to further its development efforts.

Following that announcement, Toncoin rose 14.3% from around $2.03 on Tuesday to $2.32 by Wednesday before succumbing to sell-side market pressure. As of press time, the token is down 10% over a 24-hour period and is changing hands for $2.06, data by provider CoinGecko shows.

Users are not required to pay transaction fees and will no longer need to enter long crypto addresses with wallet functionality embedded into the app, according to the announcement.

It marks the first time the app has restored crypto functionality since its battle with the SEC in October 2019. Telegram abandoned the project shortly after being requested by the securities regulator to cease the sale of its native “Gram” tokens. As part of a 2020 settlement, Telegram was required to return the $1.2 billion the company raised in the token sale and ordered to pay an $18.5 million fine.

“Telegram’s active involvement with TON is over,” Telegram founder and CEO Pavel Durov wrote at the time.

By May 2020, Telegram’s involvement with TON became less clear, and the development of the TON blockchain was overtaken by various enthusiasts and projects, who forked the original project’s open-source code.


Don’t miss the next big story – join our free daily newsletter.

Tags

Upcoming Events

Hilton Metropole | 225 Edgware Rd, London

Mon - Wed, March 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience: Attend expert-led panel discussions and fireside chats Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts.

HYATT REGENCY SALT LAKE CITY

TUES, OCT. 8, 2024

Guided by the expertise of Blockworks Research Analysts team, this one day event will feature senior leaders, entrepreneurs, and developers from across the crypto industry. Attendees will have the opportunity to participate in an immersive experience to explore the latest trends, […]

Salt Lake City, UT

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

recent research

Research report cover graphics (1).jpg

Research

Wormhole is a suite of open-source, permissionless protocols used to move assets and queries across blockchains.  Despite being a common misconception, Wormhole is not just a token bridge. Nevertheless, protocols can build token bridges on top of Wormhole by leveraging the cross-chain messaging provided.

article-image

Ether is a commodity just up until the point it is not, or, ether is not a commodity just up until the point it is — whichever you prefer

article-image

The bull-market conference was filled with good feelings but little clarity on where the crypto industry is headed next

article-image

The Friday ruling was issued as a default judgment because Sameer Ramani “appears to have fled the country”

article-image

Bitcoin’s previous record high against the Euro was set in September 2021

article-image

As bitcoin ETFs grow larger and more liquid, due diligence teams at wirehouses and other investment firms are more likely to clear them, Bitwise researcher says

article-image

Sponsored

The TRON DAO team attended ETH Denver, one of the leading events in the blockchain space