Not Out of the Crypto Door Just Yet

We do many different things to ensure consistent progression on our part, but honestly, nothing has proven to be as important for us as embracing new trends. You see, when you are reluctant to keep an open mind towards novel concepts, you become likely to miss out on a lot, and that can hamper anyone’s growth prospects in a huge way. Now, while the world has gone through the stated fate time and time again, we were fortunately able to avoid it in technology’s case. Technology was a genuine game-changer for us, as it didn’t just aid our pursuit for growth, but it also introduced the world with a whole new way of going about it. By doing so, the creation made our progressive bids much more meaningful, therefore also raising the baseline for what we could get out of them. So far, we have received a lot, except it looks like there is still so much more to come, and Telegram’s latest decision does everything to validate the said belief.

Telegram is officially allowing users to send Toncoin, the cryptocurrency built off of Telegram’s abandoned blockchain effort, directly from chats within the messaging app. You can get the crypto transactions going by adding Telegram’s Wallet bot to your attachment menu. The rest of the process is very simple, as all you have do is enter the amount of Toncoin you want to send, confirm the relevant details, and then hit the send. According to certain reports, the Telegram users will be able to buy crypto through debit or credit cards, crypto exchanges, and wallet-to-wallet transfers. Notably, the social media platform will not charge any fee on the transactions.

Telegram’s crypto ambitions have actually been in a limbo for some time now. In 2020, the company was ordered to shut down its digital currency projects with immediate effect after SEC found it guilty of violating federal securities laws. As per the commission, Telegram failed to register over $1.7 billion in sales as a part of its pre-initial coin offering. Hence, the company had to payback all the investors, while also bearing penalties worth $18.5 million.

However, even after Telegram moved on from crypto, few developers continued to work on the technology, and their effort now looks set for the bright lights.

“When Telegram said goodbye to TON last year, I expressed the hope that future generations of developers would one day carry on with our vision of a mass-market blockchain platform,” said Pavel Durov, founder of Telegram. “I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm,” he said. “It would have been a shame to see this project not benefiting humanity.”

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