Telegram will launch a Decentralized Cryptocurrency Exchange and Crypto Wallets
New updation introduced in Telegram. Decentralized cryptocurrency exchange and a non-custodial wallet added that would allow millions of users to safely trade their cryptocurrencies.
The exchange service that facilitates the transactions within Telegram resolves two parties’ conflicts that arise due to involvement in any transactions. Transactions can be carried out in complete anonymity. Users must provide their cell phone numbers before participating in any cryptocurrency-related activities.
Sellers will receive 0.9% of the selling price as a commission fee for each successful transaction. The wallet bot doesn't charge any costs for purchasing cryptocurrency over Telegram. Currently, only Bitcoin and Toncoin (TON) are available for purchase using the app. The TON Foundation has planning to expand the selection of cryptocurrencies that can be bought. Additionally, users have to sign up with The Open Network so as to send cryptocurrency through Telegram's peer-to-peer feature.
Cryptocurrencies are transferred by sending them to the recipient's Telegram handle instead of their address.
In April a separate group of TON developers created the wallet bot to make crypto transactions easier for Telegram users. In addition to serving as a fiat onramp, the wallet bot also allows users to purchase TON with their credit cards. Toncoin can currently be purchased and sold in US dollars, euros, Ukrainian hryvnias, Belarusian rubles, and Kazakhstani tenges. Telegram users were initially able to buy, sell, and trade Toncoin (TON) through the bot, but a recent update added a fully functional cryptocurrency wallet. Telegram Open Network, formerly The Open Network, developed the wallet bot.
About Telegram :
Telegram is an instant messaging apps that offers a quick, safe, and free-to-use platform with end-to-end encryption. The platform provides a wide range of functions along with the ability to send and receive messages. The Telegram bot feature is one such option. It enables users to automate a variety of actions, such as to-do list creation, weather updates, and receiving alarms while keeping track of a specific wallet address. Programs automate these bots, which can be altered to suit the demands of the user.
CBW - External Analyst