Telegram now supports crypto payments in latest update

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Telegram has added support for crypto payments on its platform. The new addition could make crypto payments on Telegram more mainstream. The widely used chat app announced the feature via Twitter earlier in the week.

Telegram’s toncoin token is managed by the TON Foundation, and has enabled fee-free payments. This update allows you to send crypto to other users using toncoin [TON] within the app. You can now also buy bitcoin within the Telegram app.

In 2019, Telegram was forced to drop its plan for to launch its token after a legal challenge from the SEC. SEC had sued the chat app after it raised $1.7 billion to develop its token; an action described as illegal at the time. Telegram later returned capital to investors and paid a fine to the SEC.

“With this service, you’ll no longer need to enter long wallet addresses and wait for confirmations,” Telegram said in a tweet.

With over 1 billion downloads on the Play Store, Telegram sure has enough active users for its new crypto project. The truth of the matter is that Telegram is always up and doing when it comes to regular updates.

India remains Telegram’s largest market—representing approximately 22 percent of all its installs since inception in late 2013. Of course, Telegram is doing fine in all other markets, but India is where the heartbeat of most apps is, and this is likely to continue for a very long time.

Early in 2021, Telegram, alongside Signal were the two biggest gainers from the short-term issue suffered by WhatsApp. Recall that millions of users had switched from WhatsApp to protest the Facebook-owned app’s new privacy policy, which was later suspended. Millions had rushed to download alternate apps like Signal and Telegram; and this may have helped the later to gain more installs.

Per SensortowerTelegram was the most downloaded non-gaming app in the month of January 2021. The chat app owned by Pavel Durov, recorded more than 63 million installs in the first month of the year. This was 3.8 times its total downloads in the corresponding month in 2020. In India, Telegram had 24 percent of the total download for the period in review, followed by Indonesia with 10 percent.

TikTok came second with 62 million installs, with Douyin in China recording 17 percent, and followed by the US with 10 percent. Of notable mention are Signal, Facebook, and WhatsApp; rounding up the top five non-gaming apps globally for the month of January.

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Author: Ola Ric

Ola Ric is a professional tech writer. He has written and provided tons of published articles for professionals and private individuals. He is also a social commentator and analyst, with relevant experience in the use of social media services.

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