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Telegram launches wallet bot: Bitcoin and USDT payments now possible
Telegram has launched a new payment feature called Wallet Pay, allowing merchants to accept Bitcoin (BTC) and Tether (USDT) through the messaging app. The wallet bot, also known as @wallet, is based on The Open Network (TON) blockchain and allows users to transfer cryptocurrencies within chats. This new feature makes it easier for merchants to accept cryptocurrency payments seamlessly within the Telegram app. In the past, traders had to resort to do-it-yourself solutions using simple bots to connect cryptocurrency payment systems. However, with Wallet Pay, they can now make payments directly in their chats with sellers. To receive cryptocurrency payments via Telegram,…
Telegram launches wallet bot: Bitcoin and USDT payments now possible
Telegram has launched a new payment feature called Wallet Pay, allowing merchants to accept Bitcoin (BTC) and Tether (USDT) through the messaging app. The wallet bot, also known as @wallet, is based on The Open Network (TON) blockchain and allows users to transfer cryptocurrencies within chats.
This new feature makes it easier for merchants to accept cryptocurrency payments seamlessly within the Telegram app. In the past, traders had to resort to do-it-yourself solutions using simple bots to connect cryptocurrency payment systems. However, with Wallet Pay, they can now make payments directly in their chats with sellers.
To receive cryptocurrency payments via Telegram, merchants must first apply on the Wallet Pay website. The Wallet chatbot team is already helping around 200 businesses use the payment app, and it is expected that thousands of small businesses will also use the app in the future. Users can create a new crypto wallet that is instantly linked to their account without the need to store recovery phrases or private keys.
It is worth noting that Telegram is not the only social media platform to integrate cryptocurrency payments in recent years. Last year, Twitter also partnered with online payments company Stripe to allow merchants to pay their customers in cryptocurrencies.
Although there are already cryptocurrency services on Telegram, only a fraction of this platform's huge user base has adopted the wallet service. Of the over 700 million members, only 2 million use Wallet. Still, this new payment feature from Telegram potentially offers many merchants an easy way to accept cryptocurrency payments and could help further spread cryptocurrency adoption.
Telegram had developed the TON blockchain project in the past, but it was shut down in 2020 due to legal conflicts with the US Securities and Exchange Commission (SEC). The project was taken over and further developed by the TON community, known as The TON Foundation.