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The TON Foundation, a decentralized layer-1 blockchain designed by Telegram, has added a new crypto payments feature to the messaging app, the organization announced on April 26. The feature allows users to send Toncoin, the organization\u2019s cryptocurrency, to other Telegram users without any transaction fees. <\/p>\n
\u201cWith this service, you\u2019ll no longer need to enter long wallet addresses and wait for confirmations,\u201d the Foundation said in a tweet announcing the feature. The feature is similar to the Bitcoin payments function that Elon Musk\u2019s Twitter has been offering through its Tip Jar feature since September last year. Twitter, however, uses the Stripe platform for such payments.
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\nYou can now send #Toncoin directly within Telegram chats!It\u2019s a new way to send Toncoin without transaction fees\u2026 https:\/\/t.co\/kKzSKCxJHQ<\/p>\n
— TON (@ton_blockchain) 1650978584000<\/a><\/p><\/blockquote>\n<\/div>\n<\/div>\n\u201cWe anticipate that this functionality will extend into the consumer to business payments so that people can easily acquire goods and services by sending toncoin via bots in the Telegram app,\u201d the TON Foundation said.<\/p>\n
Toncoin platform boasts over 52 million transactions so far, with over 486,000 wallets, according to the TON Foundation\u2019s
\nwebsite<\/a>. The Toncoin token was issued in 2019-20 when the US Securities and Exchange Commission (SEC)
\nblocked<\/a> Telegram\u2019s $1.7 billion token issuances for an initial coin offering (ICO).\n<\/p>\n\u201cOur emergency action today is intended to prevent Telegram from flooding the US markets with digital tokens that we allege were unlawfully sold,\u201d said Stephanie Avakian, co-director of the SEC\u2019s Division of Enforcement, at the time. \u201cWe allege that the defendants have failed to provide investors with information regarding Grams and Telegram\u2019s business operations, financial condition, risk factors, and management that the securities laws require,\u201d he added.\n<\/p>\n
The TON Foundation was formed by members of the blockchain community who wanted to keep Telegram\u2019s crypto efforts alive. In fact, Telegram\u2019s chief executive Pavel Durov,
\nannounced<\/a> in May 2020, that the company was going to abandon its blockchain project altogether after the battle with the SEC.<\/p>\n\u201cToday is a sad day for us here at Telegram. We are announcing the discontinuation of our blockchain project,\u201d Durov wrote on his Telegram channel. The TON Foundation, however, had
\nraised<\/a> $1 billion worth of Toncoin earlier this month.\n<\/p>\nThe Telegram platform is
\nsaid to have<\/a> over 550 million users so far, and the TON Foundation\u2019s bot on the messaging app has over 800,000 users.\n<\/p>\nSEE ALSO:
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