Telegram Presents Crypto Exchange Features

The crypto exchange from Telegram is offered as a P2P transaction, but users must provide a mobile number to deposit, exchange or purchase crypto.Users post on the application to sell crypto, then buyers can choose the appropriate post.

The crypto assets that can be purchased are currently limited to BTC and TON with plans to add more assets in the near future. Only TON can be transferred between users directly via chat.“This service is aimed at ordinary users and is an introduction to learning about blockchain. Many of the services on TON are similar to applications that users frequently use,” explained a spokesperson for the TON Foundation to Blockworks.

Users can buy crypto, make transfers to other users using nicknames, access the internet via mobile bots, pay for Telegram channel subscriptions and other services.The TON blockchain was founded by the Durov brothers who are the founders of Telegram Messenger.

Previously, Telegram had intended to launch the crypto asset GRAM but was intercepted by the US Securities and Exchange Commission (SEC) in 2020. Telegram was forced to return the US$1.2 billion it had received from investors and pay US$18.5 million in sanctions.The TON Foundation is a decentralized community initiated by Anatoliy Makosov and Kirill Emelyanenko. The foundation aims to blend blockchain technology with the traditional internet.

To achieve this decentralized goal, TON has built its own ecosystem which includes Domain Name Service (DNS), websites and proxies.The TON community Telegram group has 630 thousand members with a total wallet of 1.3 million.

The TON token is trading at US$1.39 with a market cap of US$1.7 billion and an outstanding supply of 1.22 billion according to CoinMarketCap data.