(Commonwealth Union)_Users of the Telegram app may now buy and trade cryptocurrencies without leaving the app, thanks to a new improvement to the wallet bot. The Open Network (TON, formerly Telegram Open Network) created the wallet bot in April. The bot originally allowed users to purchase, sell, and trade Toncoin (TON) within the Telegram app, but a recent update brought a fully functional cryptocurrency wallet to the programme.
The wallet bot was designed by an independent team of TON developers to make crypto transactions easier for Telegram users.
“The creation of the wallet bot is handled by an independent development team, and we are certainly happy that more and more projects are choosing TON as the basis for creating new products,” a TON Foundation representative told Cointelegraph, and added: “TON is intended for millions of users, and one of our goals is to make the use of blockchain no more complicated than using applications that users are used to.”
The wallet bot also acts as a fiat on-ramp, allowing users to purchase TON with their credit cards directly from the Telegram client. Toncoin can presently be purchased and sold in the following fiat currencies: US dollars, euros, Ukrainian hryvnias, Belarussian rubles, and Kazakhstani tenge.
In the case of Telegram transactions, the exchange service that facilitates them also serves as a guarantee, resolving any required disagreements that may emerge between the two parties involved in the transaction. Although the opposite party may conduct the transactions completely anonymously, users must furnish the bot with their cell phone numbers before engaging in any cryptocurrency-related activity made available by the application.
The wallet bot does not charge any fees when purchasing cryptocurrency over Telegram, however sellers will be charged a commission fee of 0.9% of the selling price for each completed transaction. At the moment, the software can only be used to buy Toncoin (TON) and Bitcoin.
The TON Foundation, on the other hand, intends to increase the number of cryptocurrencies available for purchase. Furthermore, users must register with The Open Network in order to send crypto via Telegram’s peer-to-peer capability.
When transferring cryptocurrency to someone else, users transmit the money to the recipient’s Telegram handle rather than their address. “The @wallet bot team is making significant efforts in this direction, as you can now buy, exchange, and send Toncoin to your contacts without leaving Telegram,” said a TON Foundation spokesman. “Long addresses or specific applications are not required. We believe that ventures like these have a bright future.”
