Telegram launches in-app Bitcoin exchange

The popular messaging service, Telegram, which is increasingly used by users interested in the cryptocurrency industry, has decided to launch a new in-app service dedicated to Bitcoin. 

JUST IN: Telegram Wallet launches P2P #Bitcoin exchange in-app – Blockworks

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Telegram makes progress in crypto: new feature for in-app Bitcoin trading

It had been rumored for months that the well-known messaging company might be preparing some big news in the crypto sector. 

In April, somewhat surprisingly, it had launched Wallet Ton, which allowed users to exchange the TON token, which represents the social network’s blockchain, directly on the messaging app thanks to a wallet integrated directly into it.

Then in May it was the turn of a new experience in the NFT domain, when TON launched its first non-fungible token projects on the Disintar platform. 

In July the app’s eclectic founder and CEO Pavel Durov had said that the company was exploring the world of Web3 with great interest. On the strength of its 500 million users, Durov would like to explore the new possibilities offered by this new version of the web, which is more focused on the crypto space. 

In 2020 Durov had been forced to abandon his blockchain platform Ton, whose token nonetheless remained, due to alleged allegations by the Sec that he had sold securities without authorization, yet he continues to be firmly convinced in the vast opportunities that crypto offers, especially for an app like his. The Sec had also forced the company to return about $1.2 billion, raised through the sale of the GRAM token, which was supposed to govern the app’s blockchain ecosystem.

The developers behind the Telegram Wallet Ton, which allows Telegram users to buy cryptocurrencies with a bank card, including the Ton token, have now devised a new app to create a real exchange to allow Telegram’s approximately 550 million monthly users, to transfer cryptocurrencies with each other.

Early rumors about the new feature

According to the first leaked rumors, the service would be P2P and anonymous, meaning that users will have to share their phone numbers in order to deposit, trade or buy cryptocurrencies. In addition, the service will be free for buyers, but not for sellers, who will instead have to pay a 0.98% fee.

In this regard, the TON Foundation commented:

“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.

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 messaging service with its bot wallet, acts for all intents and purposes as a real exchange and will serve as an intermediary, in case of any disputes or problems between sellers and buyers during the transactions made.

The new features brought by the new service

In addition, to sell their tokens, users will post messages in the app, from which buyers will be able to respond or not, depending on their interest in the specific transaction and its contingent price. Buyers will be able to use USD, EUR, UAH, BYN and KZT to buy cryptocurrencies.

However, at the beginning, as far as direct sending via chat is concerned, only the option of TON remains, while soon it will also be possible to do so with Bitcoin, Ethereum and other cryptocurrencies. 

The TON Foundation representative, who controls Telegram‘s blockchain ecosystem revolving around the TON token, added:

“One of the goals is to merge blockchain technology with the traditional internet. In order to further this decentralized concept, TON is creating its own ecosystem, which already includes DNS, sites, and proxies.”

In short, Telegram is intent on entering the Web3 market head-on, as Facebook and Twitter have already done, just to name two cases. It remains to be seen whether this service, which currently seems rather limited compared to those offered by traditional exchanges, will gain public favor.