Telegram’s wallet bot added support for first ranked stablecoin USDT.
Telegram is a popular p2p messaging platform, more similar to WhatsApp but with extended features. Last year Telegram brought limited crypto trading services for customers. With crypto services integration, Telegram aimed to make crypto trade more similar to sharing messages & photos on social media. Despite huge regulatory hurdles, to this date Telegram is silently working on its crypto-related services with full confidence.
On 22 March 2023, Coindesk media reported that Telegram’s wallet bot added support for the USDT stablecoin, the first rank stablecoin by 24 hours trade volume.
It will allow the crypto trades with better stability for the telegram users, which was not a better option for crypto-crypto trade.
Telegram vs SEC
The journey of crypto & blockchain technology introduction in the telegram app was started before 2020 with the development of TON blockchain. Telegram also secured huge amounts of money through the TON ICOs project but later faced enforcement action by the United States Securities and Exchange Commission (SEC) over unregistered ICO Offering in the US.
Telegram paused its work on crypto-related works and also returned all the collected money to the ICO investors with an additional fine to the SEC agency.
WhatsApp & crypto
Earlier this, a similar kind of development work came into light through the Meta-owned popular messaging app WhatsApp. In 2022, WhatsApp started inbuilt crypto payment services in limited regions of the US.
Many people in the US took action against WhatsApp over crypto payment seservices and urged government to ban it.
Read also: Nigerian CBDC adoption surging amid currency demonetization
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