Unocoin Brings Telegram Supported Toncoin for Purchase and Exchange

Toncoin, the native token of messaging app Telegram’s decentralized layer-1 blockchain ‘TON’, has been made available for purchase and exchange on the Indian crypto exchange Unocoin. TON was planned by the founders of Telegram about four years ago. This year the TON mainnet was launched. The TON Foundation is responsible for managing it.

Telegram users can send Toncoin directly within chats in this app, but before that users have to add Telegram’s wallet bot to their attachments menu. Unocoin said in a statement, “Toncoin is different from other layer-1 blockchains due to a few features. It meets a number of transaction requirements. With this available, we are expecting faster transactions that will allow the exchange The number of users can also increase. Recently, the TON Foundation raised nearly one billion dollars through donations to support development efforts.

Telegram had to close its cryptocurrencies business nearly three years ago following a dispute with the US Securities and Exchange Commission (SEC). This included his native token ‘Gram’. Telegram CEO Pavel Durov and his brother Nikolai initially developed the project as the Telegram Open Network (TON). After Telegram left this project, a group of developers continued to work on it and they later introduced Gram as Toncoin. Unocoin is the only Indian crypto exchange to make Toncoin available on its platform.

The trading volume of crypto exchanges has come down significantly after the central government imposed TDS of one percent on crypto transactions from earlier this month. Over the past few months, the price of many cryptocurrencies, including bitcoin, has come down significantly due to the selloff in the crypto market. This has also affected the financial position of the firms belonging to the crypto segment. Bitcoin, the largest cryptocurrency by market capitalization, touched a high of around $69,000 in November last year. Its price has come down to around $20,400.

Cryptocurrency prices in Indian exchanges

For the latest tech news, smartphone reviews and exclusive offers on popular mobiles, download the Gadgets 360 Android app and follow us on Google News.

Related news

Leave a Comment