After the encrypted messaging app Telegram earlier gave up on its token; it now fosters cryptocurrency payments. As per the Protocol, the addition can make cryptocurrency payments on messaging platforms more mainstream.
The TON Foundation, which controls the toncoin token, has allowed fee-free payments, sending cryptocurrency to other users, and using toncoin (TON) in the application. It also has added the ability to purchase bitcoin (BTC) within the application.
Telegram, which has about 550 million users, earlier dropped its scheme for its token post a legal challenge from the AUS Securities and Exchange Commission (SEC). The SEC sued the app in 2019 post it gathered $1.7 billion to develop its token, terming it an illegal token offering. Later, Telegram paid a fine to the SEC and agree to return capital to investors.
A report said that since then the CEO of Telegram Pavel Durov has endorsed a separate spin-off token Toncoin that is independent of Telegram. That is the coin that is now allowed for payments on the app. On Twitter, the TON Foundation has said that it has enabled the ability to send Toncoin without transaction fees to any app user.