In April, Toncoin was integrated into bot@wallet on Telegram, letting users exchange TON within chat messages. The latest update also provides a new service in which users can trade cryptocurrencies from directly within the app. If there is any disagreement between the seller and the buyer, the P2P exchange will proceed to resolve the dispute.
The service is advertised as “anonymous P2P transactions,” but users must share their mobile phone numbers with bots in order to deposit and trade in cryptocurrency. Users who want to sell crypto will have to pay a 0.9% commission. Otherwise, the buyer will not need to pay any fees. Like other P2P exchanges, to sell tokens, users need to public a post, then the buyer can choose the appropriate seller to conduct the transaction in USD, EUR, UAH, BYN or KZT.
The platform currently only supports Toncoin (TON) and Bitcoin (BTC) and only TON can send directly between users via Telegram chats.
“We aim towards ordinary users and provide a low entry threshold for learning about blockchain. Many services on TON are similar to the usual applications that people are already used to using. Without leaving Telegram, you can still buy crypto, send it to your friends using a short nickname without long wallet addresses, get access to the internet with the @mobile bot, pay for a subscription to your favorite Telegram channel along with many other services”, said a representative of TON Foundation.
TON blockchain was originally founded by the Durov brothers. They are the two founders of Telegram Messenger, an app that is no longer strange in the crypto space. Telegram was previously about to launch a GRAM token but was charged by the US Securities and Exchange Commission (SEC) with violating federal securities laws in 2020, forcing it to return $1.2, forcing it to return $1.2 billion raised from investors and pay a fine of $18.5 million.
Durov then left the project to focus on developing Telegram and recently wants to integrate Web3 into his platform. Since then, TON Foundation, a decentralized community started by Anatoliy Makosov and Kirill Emelyanenk after Telegram stepped away from the project, has spent $1 billion to revive Toncoin. TON Foundation has successfully raised two ecosystem funds of $250 million (April) and $90 million (July). The final TON was mined on June 28, signaling the transition of toncoin’s transition from a largely proof-of-work model to proof-of-stake.
As of now, the total number of custodial wallet accounts has increased to 1.3 million and the TON community Telegram group currently has 630,000 subscribers. The TON token is currently trading at $1.41, with a market capitalization of around $1.7 billion and a circulating supply of 1.22 billion, according to CoinMarketCap.
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