- Buyers can use USD, EUR, UAH, BYN and KZT to buy cryptocurrencies
- Only toncoins (TON) and bitcoins (BTC) can be purchased at this time and only TONs can be transferred via chat messages
The developers behind the Telegram Wallet Bot, which allows Telegram users to buy cryptocurrencies with a bank card, exchange and transfer to other wallets, have launched a P2P cryptocurrency exchange.
The Wallet Bot launched in April, allowing Telegram users to buy toncoin (TON) and send it in chat messages. The latest update will enable the sale of cryptocurrencies between users via the Telegram app, with the exchange services acting as guarantors for each transaction. In the event of a disagreement between the seller and the buyer, the service will conduct a dispute resolution procedure.
The service is advertised as offering “anonymous P2P offers”, however, users must share their mobile number with the bot in order to deposit, trade or buy crypto.
Users who wish to sell cryptocurrencies will pay a 0.9% commission while buyers will not have to pay any fees, according to a statement from the developers of The Open Network (TON) foundation, a non-commercial group of TON supporters and contributors. blockchain which was originally founded by the Durov brothers, the founders of Telegram Messenger.
To sell tokens, users will post reviews in the app which buyers can then select. Buyers can use USD, EUR, UAH, BYN, and KZT to purchase cryptocurrencies.
Toncoin (TON) and bitcoin (BTC) are available for purchase at the moment, with plans to increase supply at a later date, according to the company. Only TON can be sent between users directly via chats.
“It is aimed at ordinary users and offers a low entry threshold to learn more about blockchain. Many services on TON are similar to regular apps people already use,” a spokesperson for the wallet team told Blockworks.
“Without leaving Telegram, you can buy cryptocurrency, send it to your friends using a short nickname without long wallet addresses, access the Internet with the @mobile bot, pay for a subscription to your favorite Telegram channel as well as many other services,” they said.
Telegram previously intended to launch an official token, GRAM, but was prevented from doing so by the Securities and Exchange Commission (SEC) in 2020, forced to return to investors $1.2 billion raised for the project and pay an $18.5 million fine.
The TON Foundation “is a decentralized community created by Anatoliy Makosov and Kirill Emelyanenko after Telegram pulled out of the project”, according to its website.
“One of the goals is to merge blockchain technology with the traditional internet,” the spokesperson said. “In order to advance this decentralized concept, TON is creating its own ecosystem, which already includes DNS, sites and proxies.”
The total number of custodial wallet accounts has increased to 1.3 million according to a statistics page provided by the group, however the Block Explorer Ton Scan did not show any information at press time.
The TON Community Telegram Group has 630,000 subscribers.
The TON token is trading at $1.39 as of 9:00 a.m. ET, with a market cap of around $1.7 billion and a circulating supply of 1.22 billion TON, according CoinMarketCap.
Macauley Peterson contributed reporting.
This story was updated on October 4 at 9:30 a.m. ET.