Telegram’s Payments Bot Will Accept The Rebranded TonCoin Crypto

Telegram’s payments bot will accept the now rebranded TonCoin cryptocurrency and the CEO Pavel Durov said he is proud that the project is alive and evolving despite terminating TON last year so let’s read more in today’s cryptocurrency news.

Telegram co-founder Pavel Durov expressed his excitement about the Telegram Open Network and said he is happy that the technology is still developing after the company officially abandoned the project last year. Durov said in a Telegram post:

“I’m proud that the technology we created is alive and evolving. When it comes to scalability and speed, TON is still years ahead of everything else in the blockchain realm.”

He noted that the project rebranded from TON to Toncoin but unlike the original TON the new proejct is independent of Telegram:

“But I wish its team the same success. Coupled with the right go-to-market strategy, they have all they need to build something epic.”

Durov’s remarks came amid Donate which is a Telegram-verified payments service that prepares to enable donations on Telegram using the TonCoin cryptocurrency. TON announced a new partnership with Donate and said that the users will be able to make donations and pay for subscriptions in Toncoin. The channel administrators will be able to collect the income in the crypto and the subscriptions service announced the news. Telegram’s payments bot will now accept the rebranded Toncoin cryptocurrency but TON is a blockchain that was created by brothers Pavel Durov and Nikolai back in 2017 but the two stepped away from the project in 2020 after a long battle with the Us SEC.

The US SEC won a case where it accused Telegram of violating the US Securities laws by conducting a $1.7 billion initial coin offering in 2018. Despite officially terminating the project a year ago, the idea of TON hasn’t been abandoned with the original project that gave rise to a number of independent projects. At the time of writing, the TON Russian community had about 160,00 subscribers on the official Telegram channel while the Toncoin community counts more than 50,000 followers. Toncoin’s price has seen some notable growth that surged over 23% over the past day and is trading at $2.93 according to the data from CoinGEcko. The Token’s all-time high was $4.5 and the token is listed on some of the biggest crypto exchanges like EXMO, OKEX, and FTX.