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- Telegram users can now buy, withdraw and exchange Bitcoin via the Telegram web interface.
- Pavel Durov, the CEO of Telegram stated that Telegram will focus on building more decentralized tools in the long term.
The adoption of digital currencies like Bitcoin has continued to surge unstoppably. Many fintech companies have acknowledged the growing demands for digital currencies amongst users on their platforms. In response, a handful of these firms have collectively integrated Bitcoin and other digital currencies into their platform. Telegram is the latest messaging tool to notify its users of a new feature that allows users to access digital currencies like Bitcoin.
Telegram users were recently notified of the new development, which revealed that they could now purchase Bitcoin from Telegram’s web interface. Additionally, users can also withdraw and exchange their Bitcoin. Telegram is also making plans to extend the service to its app users. As disclosed, an app-based update is currently in the works.
According to the official statement, “It is now possible to buy Bitcoin using a bank card or the P2P market in the “Buy & Sell” section of our user-friendly interface.”
The update comes only a month after Telegram enabled Tether (USDT) transactions for users on the platform, through chats.
Telegram’s organic reach notably increased late last year. The asset emerged as the fifth most downloaded application in the world. As asserted by Pavel Durov, the CEO of Telegram, the feat was achieved despite Telegram putting little to no effort into marketing its product.
CEO of Telegram gives a sneak peek into the future of the platform and its plans to roll out decentralized tools
Meanwhile, Pavel Durov, the Founder and CEO of Telegram has been vocal about his platforms for the messaging tool. Last year, Durov made a series of tweets, highlighting the next step for Telegram.
Durov stated that Telegram will work towards pioneering decentralization on a large scale. According to Durov, Telegram will work towards building a number of decentralized tools, which will range from non-custodial wallets to decentralized exchanges.
Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the current excessive centralization.
Telegram's next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the current excessive centralization.
— Pavel Durov (@durov) November 30, 2022
He stressed on the need for the industry to move past the inefficiencies of legacy platforms and justify centralization. Decentralization and transparency for users can be achieved with technologies like TON reaching their full potential, he added.
Notably, Telegram’s TON token initially soared following the announcement of the new update. The asset surged by 2.27 percent on the 20th of April. However, at report time, TON is down by more than 40 percent in the last 24 hours.
