Telegram Now Lets Users Send Cryptocurrency

Telegram previously dropped its plan for its own token after a legal challenge from the US Securities and Exchange Commission (SEC).

Telegram was sued by the SEC in 2019 after it raised $1.7 billion to develop its token.

Source : Getty

San Francisco, May 1 (IANS) Telegram, the popular encrypted messaging app that previously gave up on its own token, now supports crypto payments.

According to Protocol, the addition could make crypto payments on messaging platforms more mainstream.

The TON Foundation, which manages the toncoin token, has enabled fee-free payments, sending crypto to other users, using toncoin (TON) in the app. It also has added the ability to buy bitcoin within the app.

Telegram, which has about 550 million users, previously dropped its plan for its own token after a legal challenge from the US Securities and Exchange Commission (SEC).

The SEC sued Telegram in 2019 after it raised $1.7 billion to develop its token, calling it an illegal token offering.

Telegram later paid a fine to the SEC and agree to return capital to investors.

Since then, Telegram's CEO Pavel Durov has endorsed a separate spin-off token Toncoin that is apparently independent from Telegram. That is the coin that is now enabled for payments on Telegram, the report said.

The TON Foundation said it has enabled the ability to send Toncoin "without transaction fees to any Telegram user", it announced on Twitter.

(This report has been published as part of the auto-generated syndicate wire feed. No editing has been done in the headline or the body by ABP Live.)