Telegram @Wallet Bot Launches P2P Crypto Exchange
Image courtesy of 123rf.

Telegram @Wallet Bot Launches P2P Crypto Exchange

The Telegram @Wallet Bot is launching a new service that will allow users to trade crypto from directly within the app.
Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our website policy prior to making financial decisions.

The Telegram @Wallet Bot will now allow users to exchange cryptocurrencies with each other, according to a report. Telegram users who want to sell crypto via the exchange will have to pay a 0.9% fee on transactions, while buyers will be not charged any fees.

Telegram @Wallet Bot’s Exchange to Charge 0.9% Fee to Crypto Sellers

Developers behind the Telegram @Wallet Bot launched a peer-to-peer (P2P) crypto exchange service that will allow users to trade cryptocurrencies directly within the app. While the new feature was pitched as providing “anonymous P2P deals”, users are required to share their mobile phone numbers with the Telegram Wallet Bot to buy, sell, and exchange crypto.

The new service was created by the developers that launched the Wallet Bot in April, which lets Telegram users buy crypto with a bank card and transfer it to other wallets. The Wallet Bot also allows users to purchase Toncoin (TON) and send the token to other users through the chat.

The new service will charge crypto sellers a 0.9% fee on transactions, while crypto buyers will not be charged any commission, according to developers from The Open Network (TON) Foundation. The TON foundation is a non-commercial community of proponents and contributors of the TON blockchain that was created by the Durov brothers, who also founded Telegram Messenger.

“It is aimed towards ordinary users and provides a low entry threshold for learning about blockchain. Many services on TON are similar to the usual applications that people are already used to using.”

– a TON foundation spokesperson told Blockworks.

The new crypto exchange service enables Telegram users to purchase crypto without leaving the app. It’s pitched to users by allowing them to “send it to your friends using a short nickname without long wallet addresses” as well as “get access to the internet with the @mobile bot, pay for a subscription to your favorite Telegram channel along with many other services,” they said.

Join our Telegram group and never miss a breaking digital asset story.

Telegram Users Can Buy BTC and TON via USD, EUR, UAH, BYN and KZT

After the launch, Telegram users will be able to buy cryptocurrencies using USD, EUR, UAH, BYN and KZT. Those who wish to sell crypto tokens will have to publish notices in the app which buyers can then choose from.

At first, users will be able to buy only TON and Bitcoin (BTC), which have dropped significantly over the past several months. The developers plan to expand the number of available cryptocurrencies in the future, though TON will remain the only token that can be sent directly through chats.

While Telegram is not directly involved with the exchange, interestingly its initial coin offering (ICO) was halted by the U.S. Securities and Exchange Commission (SEC) in 2020. The government agency forced Telegram to return $1.2 billion it raised for the offering to investors and pay an $18.5 million penalty. In the response, Telegram said the SEC’s actions were “unreasonable and wholly unnecessary.”

Update (6th October 2022): Changed the article to reflect that Telegram is not directly involved with the Bot or the P2P exchange.

Finance is changing.
Learn how, with Five Minute Finance.
A weekly newsletter that covers the big trends in FinTech and Decentralized Finance.

Do you think more messaging apps should add crypto trading features? Let us know in the comments below.

Cookies & Privacy

The Tokenist uses cookies to provide you with a great experience and enables you to enjoy all the functionality of the site.