After launching the Wallet Bot in April, Telegram now offers users direct credit card purchases, exchanges and transfers to other wallets. P2P cryptocurrency exchange is now available on Telegram.
Telegram exchange @Wallet Bot to charge 0.9% fee to cryptocurrency sellers
Telegram developers @Wallet Bot have launched a peer-to-peer (P2P) cryptocurrency exchange service that will eventually allow users to trade cryptocurrencies directly within the app.
Although the new feature was touted as offering “anonymous P2P transactions”, users must provide their mobile number to the Telegram Wallet Bot to buy virtual currency, sell and trade cryptocurrencies.
According to developers at TON Foundation (The Open Network), the new service will charge cryptocurrency sellers a 0.9% commission on trades, while cryptocurrency buyers won’t have to pay any commission .
Although Telegram is not directly involved in the project, it is worth noting that its Initial Coin Offering (ICO) was halted by the US Securities and Exchange Commission (SEC) in 2020.
What if you could get your hands on the latest crypto nuggets and NFTs?
Moreover, we had already mentioned in our crypto news bot that the government agency forced Telegram to return to investors $1.2 billion it raised for the bid and pay an $18.5 million penalty.
It should be noted that the TON Foundation is a non-commercial community of supporters and contributors to the TON blockchain. The latter was created by the Durov brothers who also founded Telegram Messenger.
Since its introduction, @wallet usage has grown significantly, with over 1 million wallets created and $5 million in quarterly revenue.
Anonymous P2P transactions
Pour sell cryptocurrency tokensusers will have to post a message in the application so that the buyer can make their choice.
Buyers can use USD, EUR, UAH, BYN, and KZT to purchase cryptocurrencies. For security reasons, users are required to enter their phone number to allow authentication of their account.
Initially, users will only be able to buy TON and bitcoin (BTC), the price of which has fallen significantly over the past few months.
The developers plan to expand the number of cryptocurrencies available in the future, but TON will remain the only token that can be sent directly through chats. Exchanges will be completely anonymous between users of the Telegram platform.
What are the limits of this system?
Telegram is a messaging application that currently has more than 700 million users. It owes its popularity largely to its features such as support for large Telegram groups crypto currencysecret conversations, automatic message deletion and advanced encryption.
While Telegram offers some great features, it is also an excellent hunting ground for cybercriminals looking to steal from users through various means.
This is even more true today, as Telegram aims to become the number one platform in the world for cryptocurrency and blockchain enthusiasts.
It’s a safe bet that cryptocurrency scammers won’t hesitate to use this new feature to try to steal funds from even more people through hacks.
For your information, most of the time, these malicious individuals will contact you directly on Telegram, even if they prefer to use more indirect means like throwing invitation links to their cryptocurrency channel by commenting on other Telegram channels. popular in cryptocurrencies. So you will have to be very careful.