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Telegram Introduces In-App Currency ‘Stars’ for Digital Purchases

Jun 7, 2024 at 07:17

Telegram, the popular social messaging platform, has launched a new in-app token called “Telegram Stars” for purchasing digital goods and services.

Simplifying In-App Purchases

In a June 6 Telegram post, CEO Pavel Durov announced that “Telegram Stars” enables mini apps to accept payments for digital services through in-app purchases on both Android and iOS. Developers can exchange their Stars for Toncoin (TON), the native cryptocurrency of Telegram’s “The Open Network,” via Fragment, a platform primarily used for trading Telegram usernames.

“They can also use Stars to further promote their apps on Telegram,” Durov added. Telegram will subsidize advertisements purchased with Stars on Apple and Google, which typically take a 30% commission on digital product sales.

Economic Incentives for Developers

Durov highlighted the economic benefits for developers, stating, “If developers reinvest Stars in promoting their app, the overall commission will be nearly 0%. As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps.” Future updates will bring additional features to Stars, such as gifts for content creators.

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Success of Telegram’s Notcoin

Telegram has already seen significant success with Notcoin (NOT), a “tap-to-earn” token where users earn NOT tokens by completing various social challenges. Notcoin attracted 35 million users within its first five months. Each month, over 400 million of Telegram’s 900 million users interact with Telegram bots and mini apps.

Driving Cryptocurrency Adoption

In April, Telegram launched Tether (USDT) on the TON blockchain in partnership with the stablecoin issuer to promote cryptocurrency adoption on the platform. Justin Hyun, the TON Foundation’s director of investments, told Cointelegraph that users no longer need to navigate the complexities of acquiring different types of crypto or tokens.

Toncoin’s Market Performance

According to CoinGecko, Toncoin recently hit an all-time high price of $7.65 before settling at $7.50. Its market cap stands at $18.2 billion, still $7 billion short of its peak of $25.2 billion set on April 12.

Telegram’s introduction of Stars and its ongoing efforts to integrate cryptocurrency into its platform highlight its commitment to enhancing user experience and supporting developers in the digital economy.

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