Telegram Upgraded @Wallet Bot Feature to Facilitate User to User Crypto Transfer

Telegram launched a Peer-To-Peer crypto exchange on its Platform.
Telegram users can now buy, sell and exchange cryptocurrencies on the Telegram application.

Telegram is known to be yet another prominent messaging platform with around 551 million users surf the app monthly.

Moreover, Telegram is ranked among the top five messaging platforms globally. According to reliable media sources, Telegram @Wallet will now enable users to exchange their cryptocurrencies with one another. Telegram users seeking to sell their crypto with the exchange will have to pay transaction fees of 0.9%, although users seeking to purchase will not be charged any extra amount.

The developer of Telegram @Wallet Bot introduced a feature of peer-to-peer(P2P) cryptocurrency exchanging services that will facilitate the users to trade the cryptocurrencies directly within the Telegram Ecosystem.

Although the recently launched feature of Telegram will provide “anonymous P2P transactions.” the users need to communicate their mobile number with the Telegram bot for purchasing, selling, and exchanging crypto.

Earlier in April, Wallet Bot was introduced to facilitate users to purchase crypto with a bank card and transfer it to other wallets. This allows the users to buy Toncoin(TON) and transfer it to other users via Telegram chat.

After successfully launching the Telegram Bot, users can purchase cryptocurrencies using USD, EUR, UAH, BYN, and KZT. Users willing to sell their crypto tokens will have to publish notices in the app from which buyers can choose.

Moreover, Telegram is not directly involved with the exchange, so its IPO(Initial Coin Offering) was forcefully halted by the U.S Securities and Exchange Commission(SEC) in 2020. Other than this, SEC instructed Telegram to return $1.2 billion raised for offering to investors and pay a penalty of $18.5 million.

TON means for The Open Network, created in 2017 by Telegram for several decentralized services such as anonymous networks, DNS, decentralized storage, instant payments, and a proof of stakes mechanism.