TON Network launches Telegram wallet bot for P2P crypto trading

Telegram users can now buy and sell cryptocurrency in the app thanks to a new update for the @wallet bot. In April, the cryptocurrency TON (short for “The Open Network”) got its own @wallet bot on Telegram’s open WebApps platform, which allows users to buy, sell and trade Toncoin (TON) without leaving the chat application.

A team of independent TON developers working have released a full-fledged cryptocurrency wallet in the chat app. With this new addition, users can conduct cryptocurrency transactions directly with each other, with the service acting as a third-party guarantor.

Instead of sending crypto to another address, users only need the Telegram handle of the recipient to transfer Toncoin. The @wallet bot works similarly to a banking app, allowing users to purchase Toncoin using their credit or debit cards within Telegram. Users will also be able to buy and sell Toncoin using fiat currencies such as Dollar (USD), Euro (EUR), Ukrainian Hryvnia (UAH), Belarusian Ruble BYN and Kazakhstani Tenge (KZT).

The Open Network (TON) was developed in 2018 by Parel Durov and Nikolai Durov, the founders of the messaging app Telegram. Eventually, the creators of the project handed it over to the TON community, and since then the group has been responsible for expanding and improving it. Later, a group of non-commercial supporters came together to create the TON Foundation, whose role was to oversee the development of the TON Blockchain.

The TON development community built the @wallet bot to facilitate cryptocurrency transactions within Telegram’s framework. Since its introduction, there has been a significant increase in the use of the @wallet, with over a million wallets created and a quarterly revenue of $5 million.

Speaking about the development of the Telegram trading bot, the @wallet team told CryptoSlate:

“The launch of the P2P market is another step towards our main goal of creating a full-fledged crypto wallet integrated into Telegram via a bot.”

The developers’ goal was to build a cryptocurrency wallet that is user-friendly and easy to use for ordinary people. The @wallet team told CryptoSlate, “We’re creating a product that will be as convenient as possible for those just getting started with cryptocurrencies, so we’re putting a lot of effort into creating an intuitive interface.” continues:

“We believe that by taking this approach we will be able to build a large audience and that @wallet will become the most popular crypto wallet among Telegram users.”