Telegram Wallet Bot Now Allows P2P Crypto Exchange

The Wallet bot on the social messaging app Telegram has launched a feature allowing users to exchange cryptocurrencies. 

Telegram Launches Crypto Exchange Bot

Telegram users were already able to buy crypto without using a bank card, exchange it, and transfer it to other wallets via the Wallet bot previously. Now they will also be able to trade crypto with each other on the Telegram platform. The Wallet bot was launched in April and allowed users to purchase toncoin (TON) without the use of a debit or credit card. Users could also send TON through chat messages. Now the bot has gone through another update that will allow the sale and exchange of cryptocurrencies between different users on the Telegram app. 

According to a TON Foundation representative, 

“It is aimed towards ordinary users and provides a low entry threshold for learning about blockchain. Many services on TON are similar to the usual applications that people are already used to using.” 

How To Exchange Cryptoto On Telegram?

In these transactions, the exchange service facilitating the transactions acts as the guarantor and conducts necessary dispute resolution in case of disagreement between two parties. The deals can be conducted anonymously by the other party; however, users need to share their mobile phone numbers with the bot in order to participate in any crypto activity on the platform. Sellers will also have to pay a 0.9% commission fee per transaction, however, the buyers will not need to pay any fees. 

The sale procedure involves posting notices on the app, which potential buyers can view and then make a selection. The currencies accepted for the purchase of crypto on this app include USD, EUR, UAH, BYN, and KZT. The cryptos available for purchase in the app currently are Toncoin (TON) and Bitcoin (BTC), however, there are plans to expand the offerings to include more crypto options. As of now, the P2P exchange service on the platform has been rolled out only for TON. 

Telegram Bots And TON Foundation

The Wallet bot is just another one of the many bots available on the Telegram platform that enhance the user experience. These bots can help analyse trading patterns, alert users of certain trading points as well as hold digital assets and now exchange cryptocurrency. In fact, Telegram was the pioneer for introducing the bot feature in the crypto space, which has now been copied by other crypto platforms as well. The TON foundation had taken up the crypto mantle for the Telegram token TON. The apps users had previously come together in a fundraising effort and donated over $1 billion to support the development of the TON ecosystem.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.