Important news in the blockchain space: Telegram merchants can now finally access crypto payments directly in the app.
Specifically, Wallet, based on The Open Network, will allow merchants to integrate cryptocurrencies into their bots to accept payments within the messaging app.
Let’s look at all the details below.
Integration of crypto payments offers new opportunities for sellers on Telegram
As anticipated above, merchants on Telegram can now accept crypto payments thanks to the expansion of service provider Wallet beyond its chat-centric payment mechanism.
As we know, Wallet, based on The Open Network (TON) blockchain, already allows cryptocurrency transfer between users in chats.
According to an e-mail announcement, it will now allow sellers to integrate cryptocurrency into their bots to accept payments. In addition, the system will support payment for goods and services via Tether (USDT), Bitcoin (BTC) and Toncoin (TON).
The Wallet team, told CoinDesk the following:
“In the past, DIY solutions have been available in the form of relatively primitive bots with links to cryptocurrency payment systems or similar products attached to them,” the Wallet team told CoinDesk. With WalletPay, merchants can now seamlessly accept cryptocurrency payments within the Telegram app, with features available such as the ability to make payments directly within chats.”
Although the possibility of cryptocurrency services within Telegram began over a year ago, supposedly simplifying the sending and receiving of cryptocurrencies such as instant messaging, it has yet to gain widespread adoption.
In fact, according to the payments provider, only 2 million of Telegram’s more than 700 million members use Wallet services.
Telegram’s journey into the cryptocurrency world began a few years before the development of the TON blockchain project.
However, due to legal battles with the US Securities and Exchange Commission (SEC), the development of TON was abandoned in 2020.
Despite this, TON has been kept alive by the community called The TON Foundation, which has continued to promote the project.
Although not directly involved in TON, Telegram maintains an interest in the network, as evidenced by building its blockchain-based Fragment auction platform on it late last year.
The use of stablecoin tether (USDT) on Telegram
Recently, Telegram users have been able to send each other Tether (USDT), the world’s largest stablecoin by market capitalization, directly within the messaging app’s chats.
According to an emailed announcement, USDT has been added to the @wallet bot on Telegram, expanding the app’s capabilities for buying and selling crypto.
The integration of crypto payments within messaging apps like Telegram, which theoretically makes sending cryptocurrencies as simple as sending a message or a photo, represents a significant development for mainstream adoption.
In fact, last April, Bitcoin (BTC) and Toncoin (TON) were added to the @wallet marketplace, and the latter is also available for sending within chats.
Stablecoins such as USDT offer many of the benefits of other cryptocurrencies, but without the price volatility that often characterizes Bitcoin and Ether.
Therefore, they are a key component for users who wish to keep their funds in the crypto ecosystem without risking sharp swings in value.
In conclusion, the addition of USDT represents an important development for Telegram’s crypto service.
Source: https://en.cryptonomist.ch/2023/07/13/telegram-opens-in-app-crypto-payments/