May 23, 2024
Latest Cryptocurrency News

Wallet Bot Launches on Telegram to Facilitate In-App Crypto Payments

A new cryptocurrency payment option has been introduced on Telegram messenger, catering to the evolving cryptocurrency payment industry. The Telegram bot called Wallet now offers a crypto payment solution based on The Open Network (TON) blockchain. This new service, called Wallet Pay, facilitates direct crypto payments within the Telegram interface, allowing users to buy and sell cryptocurrencies like Bitcoin (BTC).

Wallet Pay’s availability spans all jurisdictions supported by the wallet service, except for the United States and countries blacklisted by the Financial Action Task Force. Notable exclusions from service include Iran, Myanmar, and North Korea.

Compliance responsibility lies with local businesses operating in jurisdictions where cryptocurrency payments are prohibited, as the wallet service does not serve countries such as Russia, Indonesia, Vietnam, Iran, Egypt, and others. Despite being the second-largest country in terms of Telegram downloads after India, Russia banned domestic crypto payments in 2020. The platform urges businesses to ensure they can legally use Wallet Pay within their jurisdiction before applying for the service.

A spokesperson for Wallet Pay clarified that the platform has not yet initiated the Know Your Business (KYB) procedure, so they are uncertain which merchants will be the first to test the payment feature. They emphasized that Wallet operates independently from Telegram and utilizes the Telegram Web Apps open protocol to create its apps and services.

Users can access the payment service through a dedicated Telegram bot or the official Wallet Pay website. Users need to verify the source of the bot before trying it out.

Wallet’s new payment feature supports three cryptocurrencies: Bitcoin, Tether (USDT), and Toncoin (TON), which are currently available on its wallet service. Unlike self-custodial wallets like MetaMask, the Telegram Wallet bot operates as a custodial wallet with its fee structure. During the beta period, fees for crypto payments range from 1% to 3%. Additionally, the Telegram Wallet bot charges a commission of 0.0004 BTC ($12) for cryptocurrency withdrawals, while the withdrawal fees for USDT and TON are 2 USDT and 0.05 TON, respectively, according to Wallet Support data.

Image by Ümit Solmaz from Pixabay

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