Crypto Trading Is Coming to Telegram
Once the hotbed of initial coin offering (ICO) communities, Telegram is set to become a leading platform for cryptocurrency trading.
On Monday, Button Wallet announced it has begun testing peer-to-peer cryptocurrency transactions on the Telegram Open Network (TON), a blockchain platform currently under development by the popular messaging service.
Telegram Users Can Now Test Crypto Transactions
Button Wallet, a messenger-based cryptocurrency platform, has announced the first digital currency “testing playground” for TON. According to a press release, Telegram’s 300 million users will soon be able to simulate the buying and trading of digital currencies without risking real money.
Alex Safonov, CEO and co-founder of Button Wallet, said the new initiative will give Telegram users a safe venue for dabbling in cryptocurrencies for the first time.
“Our goal is to give people an avenue to participate in peer-to-peer transactions without risks on one of the largest messenger platforms, Telegram. This will help teach consumers the ins and outs of how the messenger banking ecosystem works, creating consumer confidence and furthering mass-market adoption of digital assets.”
The Telegram Open Network, which is nearly two years in the making, is scheduled to go live in October. Safonov says the new platform will help overcome crypto’s “biggest obstacle,” which is mass adoption. Button’s TON wallet supports bitcoin, Ethereum and other cryptocurrencies.
According to a report published by Aton research agency, TON will facilitate internal crypto payments, host wallet services and allow for the creation of decentralized applications. As the de facto messaging platform for the cryptocurrency industry, Telegram’s new blockchain service could spearhead widespread adoption of digital assets.
Telegram raised the funds for TON in two private token sales valued at nearly $1.7 billion.
Crypto Market Update
Details surrounding the Tron Open Network had no impact on cryptocurrency prices Tuesday. Bitcoin and the major altcoins all reported declines ranging from 1% to 3.5%.
The total crypto market cap fell to $267.6 billion. Bitcoin’s share of the overall pie increased to 69.1%.
Bitcoin SV fell more than 4% amid reports that founder Craig Wright had lost a court case against the estate of David Kleinman, a deceased computer scientist. Early details suggest that Wright, who claims to be Satoshi Nakamoto, must forfeit half of his bitcoin holdings held prior to December 31, 2013. Judge Bruce Reinhart, who presided over the case, apparently didn’t find Wright’s claims to be credible.
The case against Wright began in 2018 when Kleinman’s brother alleged that the bitcoin SV founder was trying to cease David’s bitcoin holdings.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Chart via CoinMarketCap.