Telegram launches new TON-linked currency for in-app purchases
Telegram has announced a new in-app currency called Stars, as promised by CEO Pavel Durov earlier this year. Designed to facilitate the purchase of digital goods and services within Telegram mini apps, Stars can be bought with fiat currency through iOS and Android in-app purchases or directly within Telegram. It can then be utilized for acquiring digital products within Telegram mini-apps: Notcoin and Hamster Kombat. The company aims to leverage this new feature to reach over 900 million potential customers.
Stars can be converted into Toncoin
Developers on Telegram will soon be able to convert their Stars into Toncoin (TON), the favored cryptocurrency of the platform. This conversion will take place on Fragment, Telegram's marketplace for in-app advertisements and usernames. Subsequently, developers and vendors can trade their TON for various cryptocurrencies, including the world's largest stablecoin USDT, through Telegram's Wallet bot.
Telegram's partnership with Tether and incentives for Stars usage
In April, Durov announced a partnership with Tether, the issuer of USDT. This collaboration aimed to enhance commerce appeal on Telegram. He also revealed, that Telegram would soon support the in-app purchase involving digital goods and services, where developers would receive 70% of revenue from transactions. Durov now elaborates that ads purchased with Stars will be subsidized by Telegram to promote use of the currency and bypass 30% commissions charged by Apple and Google on new in-app Stars purchases.
Crypto-related ventures gain traction on Telegram
Crypto-related ventures within Telegram have recently gained popularity. The mini app Hamster Kombat, which plans to airdrop a TON-based token to players, has become the latest gaming obsession in the crypto world. Meanwhile, cryptocurrency associated with Notcoin surpassed a $2 billion market capitalization earlier this week, making it the largest gaming token launched in 2024.
Toncoin reached record high earlier this week
The recent buzz around Telegram's crypto ventures has positively impacted the price of Toncoin. On Wednesday, TON reached its highest price ever at $7.76. The token is now nearing an $18 billion market cap, placing it as the 10th most valuable cryptocurrency on the market.
