Halil Mirakhmedov, COO of @wallet, a Telegram-compatible wallet, emphasizes TON and USDT integration. Rising interchange fees and credit and debit card limits necessitate payment flexibility.
The COO of @wallet, one of the wallets available on Telegram, Halil Mirakhmedov, emphasizes the importance of the messaging service accepting alternative payment methods like TON and USDT. Increases in interchange fees and restrictions on credit and debit card payments are the issues.
Telegram: Useful alternatives to bank payments include BTC, TON, and USDT
The COO of @wallet, one of the wallets accessible via Telegram, Halil Mirakhmedov, commented on the use of TON and USDT as alternatives to bank transfers. He said the following:
As rising interchange fees continue to hit small retailers as a result of the actions of the consortium of banks controlling credit and debit card payments, the need for alternative payment solutions has never been more apparent.
Peer-to-peer payments processed through widely accessible social media and messaging platforms could enable hundreds of millions of users to buy and sell products at greater speed and lower cost, with more transparency than legacy systems.
Mirakhmedov wants to underline how small businesses in particular need payment methods that lead to disintermediation, such as peer-to-peer.
The native cryptocurrency of Telegram’s blockchain, The Open Network, Toncoin (TON), Bitcoin (BTC), and, as of late March, Tether (USDT) in its TRC-20 variant are all used for peer-to-peer transactions.
Telegram has more than 700 million users and offers BTC, TON, and USDT
As he continued, Mirakhmedov said that over 700 million people already have access to payment options other than traditional banking on Telegram, including BTC, TON, and USDT. Following are Mirakhmedov’s words:
The advantages of blockchain payment solutions such as @wallet, the cryptocurrency wallet on The Open Network (TON), have only just begun to be explored. And still they already offer a seamless alternative payments service in digital tokens such as Tether tokens (USDt) to more than 700 million users.
Due to the unique sharding features of TON, the chain is able to scale indefinitely to accommodate user growth while processing transactions at the same cheap cost and blisteringly fast rate regardless of network usage.
One of the 45 wallets that Telegram supports for storing and transferring Bitcoin and TON is @Wallet. To buy cryptocurrency specifically, utilize @Wallet and a credit or debit card in USD, EUR, or RUB.
The cost of the TON and the new limitless bridge
The two-way bridge that permits ongoing transfers of ERC-20 tokens from Ethereum to fungible tokens on The Open Network (TON) was launched last month, according to a press release from The TON Foundation, the nonprofit organization that promotes Toncoin (TON).
The limitless bridge enables users to connect Wrapped Bitcoin (wBTC), Tether (USDT), USD Coin (USDC), and Dai (DAI) initially, with plans to include additional tokens in the future. The TON Foundation has invited white hat hackers to a hackathon in 2022 to assess the integrity and security of the bridge. As of the current writing, Toncoin (TON) is priced at $1.96, experiencing a 15% decline from its starting price of $2.31 in the previous month.
In general, it can be argued that TON, the 26th largest cryptocurrency by market cap, is following the price trend of other significant cryptocurrencies like Bitcoin and Ethereum, which have also suffered price reductions recently.
