You Will Soon Be Able to Make Cryptocurrency Payments on Telegram Using Toncoin

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The Telegram Open Network (TON) community said in a blog post that Telegram users will soon be able to donate and pay for their membership in the cryptocurrency. This cryptocurrency will be known as Toncoin. All channel admins will be able to deposit their income in a single cryptocurrency.

The development comes after Telegram CEO and co-founder Parel Durov announced that the TON blockchain technology is still under development after the company officially abandoned the project in 2020.

“The TON community is proud to announce that the TON blockchain and Donate, a Telegram-verified payments service, have become official partners,” Blockchain Protocol said on its official Telegram handle.

Durov has stated that TON is ahead of everything else in the blockchain space in terms of scalability and speed.

The TON blockchain is basically Telegram’s attempt to explore Web3 with decentralized storage. Back in 2020, the company officially announced it was leaving the project amid the company’s dispute with the United States Securities and Exchange Commission. At that time the company was being accused of violating the securities law.

It has been clarified that the project has since moved from TON to Toncoin, which is independent of Telegram.

“When Telegram said goodbye to TON last year, I hoped that the next generation of developers would one day move forward with our vision of a mass market blockchain platform… the open TON project, which they rebranded to TON… I am proud that the technology we have created is alive and growing. When it comes to scalability and speed, TON is still ahead of everything else in the blockchain space. While not benefiting humanity from this project It would be a shame to see, ”Durov said in one of the posts.

At the time, Meta Inc (formerly Facebook) faced a similar backlash and shut down its cryptocurrency Libra (now Diem).

The post You will soon be able to make cryptocurrency payments on Telegram using Tokencoin first appeared on BGR India.

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