Telegram is set to expand its global reach in the cryptofinance by introducing a wallet feature for peer-to-peer Bitcoin trading.
Specifically, the @wallet web interface allows users to buy, withdraw, exchange and conduct peer-to-peer P2P transactions directly through Telegram’s web interface using Bitcoin, per an announcement from the @wallet account on April 21. The move adds on existing cryptocurrency services that are already available on the popular messaging platform.
The announcement states:
Bitcoin is now available on the @wallet web interface, along with a new instant exchange. You can now buy, withdraw, exchange, and make P2P transactions with BTC directly through our updated web interface. 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 announcement came with a reminder that users can use the “Exchange” platform to instantly swap Bitcoin, Tether and the Telegram Open Network (TON) with each other.
P2P trading on @wallet
Telegram’s move to introduce peer-to-peer trading for Bitcoin and expand its crypto exchange options is a noteworthy step forward in the company’s effort to become a bigger player in the fast-paced world of cryptofinance.
It remains to be seen whether Telegram will integrate more leading payment cryptocurrencies such as Litecoin, which recently surpassed Bitcoin and Ethereum in average USD transaction values, as noted by analyst Shan Belew.
It’s time to pay attention to Litecoin. Litecoin’s average transaction value in USD has now surpassed Bitcoin. This is impressive because Litecoin’s market cap is 84x smaller than Bitcoin and 35x smaller than Ethereum.
A new narrative is about to form around Litecoin. pic.twitter.com/C8XvSqMkHG
— Shan Belew Ⓜ️🕸 (@MASTERBTCLTC) April 20, 2023
Cryptocurrencies’ allure stems in part from their ease-of-access and intuitive design for digital natives. As cryptocurrencies become more commonplace, used and accepted by retailers, vendors, shops and businesses, Telegram’s move is an innovative step that evolved from user needs and expectations in the realm of payments and personal finances.
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