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 in a statement Told, “Toncoin is different from other layer-1 blockchains due to some features. It meets many transaction requirements. With this available, we are expecting faster transactions which can also increase the number of users of the exchange. Is.” 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. From the selloff in the crypto market for the past few months bitcoin The prices of many cryptocurrencies including: 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.