Telegram wallet now allows users to exchange crypto with each other

A peer-to-peer cryptocurrency exchange has been developed by the developers of the Telegram Wallet Bot, which enables Telegram users to buy digital assets using bank cards, trade them, and send them to other wallets.

Toncoin (TON) purchases and transfers within Telegram chat conversations now are possible thanks to the Wallet Bot, which has been released in April. With the most recent version, users will be capable of buying and selling cryptocurrencies via the Telegram app, with the exchange services functioning as guarantors for each transaction.

The service will conduct a dispute resolution procedure in any scenario in which there is a dispute between the vendor and the buyer.

Even though the site claims to offer “anonymous P2P deals,” in order to deposit, exchange, or buy cryptocurrency, customers must give the bot their cell phone number.

According to a statement by developers from The Open Network (TON) Foundation, a non-profit institution of supporters and contributors of the TON blockchain that was officially launched by the Durov brothers, the creators of Telegram Messenger, users who wish to sell cryptocurrencies will be paying a 0.9% commission while buyers will be not having to pay any fees.

Users can post notices in the app to sell tokens, and purchasers can choose from those notices. Cryptocurrencies can be purchased using USD, EUR, UAH, BYN, and KZT by buyers.

The startup says that it is currently being sold bitcoin (BTC) and toncoin (TON), with intentions to increase its offering in the future. Only TON can be sent directly between users using chats.

According to TON, it is aimed toward ordinary users and provides a low entry threshold for learning about blockchain.

To continue, the team noted,

“Without leaving Telegram you can buy cryptocurrency, 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 favourite Telegram channel along with many other services.”

The Securities and Exchange Commission (SEC) prevented Telegram from launching its official coin, GRAM, in 2020, requiring the company to repay investors for the $1.2 billion they originally invested in the project and pay an $18.5 million fine.