- Customers can pay for goods and services in Bitcoin, Tether, TON
- Only 2 million of the 700 million Telegram users transact in crypto
After Telegram’s payment service provider WalletPay implemented an expansion, merchants on the social media app can accept payment in cryptocurrency, CoinDesk wrote. WalletPay already allows crypto transfers between chat users. It is built on TON (The Open Network) blockchain, and it is now letting merchants integrate cryptocurrency into the bots used to accept payments.
Bitcoin, Tether, TON accepted
Customers can make payment for goods and services using Bitcoin, Tether, and Toncoin, the news outlet added. The WalletPay team commented:
In the past, DIY solutions have been available in the form of relatively primitive bots with links to cryptocurrency payment systems or similar products attached to them. With WalletPay, merchants can now seamlessly accept cryptocurrency payments within the Telegram app, with features available such as the ability to make payments directly within chats.
Crypto payments are still rare on Telegram
Telegram enabled crypto payments more than a year ago, but they are still relatively rare. Even though sending and receiving crypto is like sending a message, only 2 million of the 700 million Telegram users subscribe to these services, WalletPay informed.
The social medium’s exploration of crypto goes back to its development of the TON blockchain. After the US Securities and Exchange Commission (SEC) took legal action against the project in 2020, this development was abandoned. However, the TON community kept the project alive through the TON Foundation, which has continued to work on it.
Crypto on social media
Twitter introduced a “Tip Jar” feature that allows users to send and receive tips in Bitcoin. Then-CEO Jack Dorsey expressed interest in further cryptocurrency integration within the platform.
Reddit launched a feature called “Community Points” on some subreddits, which are tokens built on the Ethereum blockchain. These tokens can be used to reward users for their contributions to the community.
Cryptocurrency integration and acceptance varies among social media, and not all platforms have adopted these payment options. However, more and more platforms are expected to incorporate cryptocurrency payments in the future.
