The Open Network (TON), a decentralized network, revealed earlier this week that it will integrate a bot to allow Telegram users to make cryptocurrency transfers. Users will be able to send and receive Toncoin ($TON) as well as buy Bitcoin with the “@wallet” bot.
The popular message app users may purchase, sell, and send tokens to other wallets, as well as purchase crypto assets using bank cards by utilizing the bot.
“We anticipate that this functionality will extend into the consumer to business payments so that people can easily acquire goods and services by sending toncoin via bots in the Telegram app,” the TON Foundation said.
“Our emergency action today is intended to prevent Telegram from flooding the US markets with digital tokens that we allege were unlawfully sold,” said Stephanie Avakian, co-director of the SEC’s Division of Enforcement, at the time. “We allege that the defendants have failed to provide investors with information regarding Grams and Telegram’s business operations, financial condition, risk factors, and management that the securities laws require,” he added.
Toncoin is the token that powers the TON decentralized layer-1 blockchain, which Telegram created but abandoned in 2020 after a legal battle with securities authorities.
The US Securities and Exchange Commission accused Telegram of breaking securities laws by selling Grams, the native cryptocurrency of the TON blockchain at the time, without being registered. The company decided to discontinue the project as a result of the lawsuit.
Following the company’s statement that it will no longer continue the project, the TON Foundation, a community of open-source developers, stepped in and is currently funding the development of the TON blockchain. Toncoin was also renamed after the token Gram.
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