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At a time when more and more mainstream companies adapt to crypto, Telegram rolled out cryptocurrency transfer and exchange feature. In a latest, instant messaging service company Telegram had launched a peer to peer cryptocurrency exchange service for its users. The service was developed by The Open Network (TON) Foundation, a group founded by Telegram’s founders. The foundation is a community of open source developers supporting the development of TON.
The Telegram Crypto Exchange
The community backs Toncoin (TON), which enables commission payments for processing on-chain transactions with smart contracts. It is used for transaction fees, securing the blockchain through staking, and also for settling payments. The token, ranked 34 as per market capitalization on CoinMarketCap, operates on a proof of stake consensus algorithm. As of writing, the TON price stands at $1.40, up by 3.59% in the last 24 hours. TON’s current market cap stands at $1.72 billion.
“Today, the Wallet bot team announced the launch of a new P2P market. Users can now directly buy and sell cryptocurrency to each other, with the service acting as a guarantor of the transaction.”
The new Telegram crypto exchange service is an extension to the wallet feature it offered so far. According to an official announcement from the developers, the new Telegram crypto exchange allows users to sell and purchase cryptocurrencies. The transactions can be done directly on the Telegram app. The Foundation said a fee of 0.9% will charged in the form of commission for selling crypto assets. No commission will be charged on the buyers’ side.
Which Users Have Access To Telegram P2P Service
The peer to peer market supports six different fiat currencies, the U.S. Dollar, Euro, Russian Ruble, Ukrainian Hryvnia, Belarusian Ruble, and Kazakhstani Tenge. Users can create an advertisement to sell Toncoin and purchase cryptocurrency by selecting an advertisement posted by another user.
