Home Crypto News Telegram Unveils In-app Currency for Digital Purchases

Telegram Unveils In-app Currency for Digital Purchases

07 Jun, 2024 Crypto News

Telegram Unveils In-app Currency for Digital Purchases

Telegram, the social messaging platform, has introduced "Telegram Stars," a new in-app token aimed at facilitating the purchase of digital goods and services.

Pavel Durov, the CEO of Telegram, announced on June 6 that "With Telegram Stars, mini apps can now accept payments for digital services using the simplest payment method possible – in-app purchases on Android and iOS."

Developers have the option to exchange their Stars for Toncoin (TON), the primary cryptocurrency of Telegram's "The Open Network."

These exchanges can be made through Fragment, which is predominantly utilized for buying and selling Telegram usernames.

Durov also mentioned that developers could use Stars to further promote their apps on Telegram.

He highlighted the financial benefits of this new system, especially how Telegram will offset advertisement costs on platforms like Apple and Google, which typically take a 30% commission on sales of digital products.

Durov explained the economic rationale behind this initiative, stating, "If developers reinvest Stars in promoting their app, the overall commission will be nearly 0%.

As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps."

Telegram also plans to expand the functionality of Stars, according to a June 6 post by the platform.

Future updates are expected to add features such as gifts for content creators and more.

The platform has already witnessed success with its "tap-to-earn" token Notcoin (NOT), which gained 35 million users within five months of its debut.

Currently, more than 400 million of Telegram’s 900 million users engage with its bots and mini apps monthly.

In a move to increase cryptocurrency adoption, Telegram launched Tether on the TON blockchain in April, collaborating with the stablecoin issuer.

Justin Hyun, the TON Foundation's director of investments, told Cointelegraph, "[Users] no longer need to jump through the barriers of having to acquire a different type of crypto or token."

As of the latest updates, TON had reached a new all-time high of $7.65 about 36 hours ago but has since settled at $7.50, as reported by CoinGecko.

Although it has cooled off, its market cap of $18.2 billion remains significant, albeit $7 billion short of its peak $25.2 billion on April 12.

Sources:

https://cointelegraph.com/news/telegram-unveils-stars-token-for-in-app-purchases

https://telegram.org/blog/telegram-stars

https://www.coingecko.com/en/coins/toncoin

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