The company posted this information on its Telegram channel and said that the development phase of the market is coming to an end. All of the transactions on the marketplace are supported by the in-house blockchain known as the Open Network (TON).

Pavel Durov, the creator of the company, first dropped hints about the idea in late August, suggesting a marketplace that might utilize “NFT-like smart contracts” to auction off prized usernames. Durov came up with the idea after domain name auctions on The Open Network (TON), which is a layer-1 blockchain set up by the Telegram team, seemed to go well.

Durov thought that a new marketplace where people with usernames could sell them to people who wanted them in safe transactions would be a popular service in Web3 because ownership would be protected on the blockchain using smart contracts that were like NFTs. Additionally, he said that it is possible for channels, stickers, and emojis from the Telegram ecosystem to be ported over to this market in the near future.

Before turning its attention to Web3 and cryptocurrencies, the business’s first goal was to build a network for digital payments. However, similar to a large number of other platforms around the time of the initial coin offering (ICO), Telegram ran into trouble with the authorities in the United States because it sold its Gram currency without first registering.

After Durov’s legal battle with the SEC in 2020 was unsuccessful, he decided to shelve the project in favor of Telegram instead. Since then, however, developers of open-source software have brought it back to life as The Open Network.

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The TON chat software now has a full-fledged cryptocurrency wallet developed by a group of independent developers. As a result of this update, users may now engage in bitcoin transactions without the need for a middleman.

Sending Toncoin simply requires the recipient’s Telegram handle, rather than their cryptocurrency address. Telegram users may now use their credit or debit cards to purchase Toncoin directly via the @wallet bot, which operates much like banking software. Toncoin (TNC) will be tradeable for USD, EUR, UAH, BYN, and KZT, among other fiat currencies.

Telegram P2P Market

Telegram’s co-creators, Parel Durov and Nikolai Durov, created The Open Network (TON) in 2018. The original developers eventually handed the project to the TON community, who have been responsible for its continued development and improvement. In time, a group of non-profit supporters banded together to form the TON Foundation, whose responsibility is to oversee the creation of the TON Blockchain.

To make it easier to buy and sell cryptocurrencies via Telegram, the TON development community created the @wallet bot. Over a million wallets have been generated and quarterly income has been at over $5 million since the debut of the @wallet.

The @wallet team explained their plans to build a trading bot for Telegram. They state that they are making progress toward their ultimate aim of developing a full-fledged crypto wallet linked to Telegram through a bot with the introduction of the P2P market.

The creators set out to create a bitcoin wallet that could be used by regular individuals with no training. They anticipate that this “simplicity” strategy will allow them to attract a large user base and that @wallet will quickly rise to prominence as Telegram’s preferred cryptocurrency wallet.

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