• Telegram’s Wallet bot is enabling merchants to accept Bitcoin (BTC) and Tether (USDT) payments through the messaging app.
• The new payment functionality, called Wallet Pay, will enable users to make payments directly within their chats with merchants.
• Telegram began its venture into cryptocurrency with the development of the TON blockchain project, but was abandoned due to legal issues.
Telegram Enables Crypto Payments for Merchants
Telegram’s Wallet bot has launched a new payment solution that enables merchants to accept Bitcoin (BTC) and Tether (USDT) payments through the messaging app. This feature, called Wallet Pay, allows users to make payments directly within their chats with merchants.
How Does It Work?
Wallet Pay is immediately accessible in all regions supported by the wallet service. To receive crypto payments on Telegram, merchants must first apply on the Wallet Pay website and create a new crypto wallet instantly linked to their Telegram account without having to save seed phrases or private keys.
The Wallet chatbot is an independent bot built on the TON blockchain and Telegram, allowing users to store, trade and transfer three cryptocurrencies including Toncoin (TON), Tether’s USDT on Tron, and Bitcoin.
Background: Why Did Telegram Begin Its Venture Into Cryptocurrency?
Telegram began its venture into cryptocurrency with the development of its own blockchain project – The Open Network (TON). The aim was for it to become the world’s leading blockchain platform but unfortunately due legal battles with US Securities & Exchange Commission (SEC), this plan was abandoned in 2020.
Overall, Telegram’s integration of cryptocurrency payments via its Wallet Bot is a major step forward for mass adoption of digital currencies as it provides an easy way for merchants to accept digital assets directly from customers without needing any additional third-party software or services.