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Telegram now lets users send cryptocurrency

May 03, 2022

Telegram now lets users send cryptocurrency

After the encrypted messaging application Telegram recently gave up its own token, it now supports crypto payments.

As indicated by Protocol, the addition could make crypto payments on messaging platforms more mainstream.

The TON Foundation, which deals with the toncoin token, has enabled fee-free payments, sending crypto to other users, and using toncoin (TON) in the application. It additionally has added the ability to buy bitcoin within the application.

Telegram, which has around 550 million users, previously dropped its plan for its own token after a legal challenge from the Securities and Exchange Commission (SEC).

The SEC sued Telegram in 2019 after it raised $1.7 billion to develop its token, calling it an illegal token offering.

A message later paid a fine to the SEC and agree to return the capital to investors.

Since then, Telegram’s CEO Pavel Durov has enabled the ability to send Toncoin which is apparently independent of Telegram. That is the coin that is now enabled for payments on Telegram, the report said.

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