Telegram offers users a crypto-currency transfer function

Instant messaging company Telegram has just launched a peer-to-peer crypto-currency exchange service for its users. The service was developed by The Open Network (TON) Foundation, a group founded by Telegram’s founders. The foundation is an open source developer community that supports the development of TON.

Telegram crypto-currency exchange

The community supports Toncoin (TON), which allows the payment of commissions for processing on-chain transactions with smart contracts. It is used for transaction fees, securing the blockchain through staking, but also for payment settlement. The token, ranked 34 by market capitalization on CoinMarketCap, operates on a proof-of-stake consensus algorithm. Today, the price of TON is $1.40, up 3.59% in the past 24 hours. TON’s current market capitalization is $1.72 billion.

“Today, the Wallet bot team announced the launch of a new P2P marketplace. Users can now buy and sell crypto-currencies directly to each other, with the service vouching for the transaction.”

Telegram’s new crypto-currency exchange service is an extension of the wallet functionality it offered until now. According to an official announcement from the developers, the new Telegram crypto-currency exchange allows users to buy and sell crypto-currencies. Transactions can be made directly on the Telegram app. The Foundation said that a 0.9% fee will be charged as a commission for the sale of crypto assets. No commission will be charged on the buyer side.

Which users have access to Telegram’s P2P service?

The peer to peer marketplace supports six different fiat currencies, the US dollar, euro, Russian ruble, Ukrainian hryvnia, Belarusian ruble and Kazakh tenge. Users can create an ad to sell Toncoin and buy crypto-currencies by selecting an ad posted by another user.