TON Coin Price Surges 6% with Telegram’s Stars Withdrawal Integration
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Toncoin (TON), a Layer-1 cryptocurrency closely associated with Telegram, has surged by over 6.5% amid news that Telegram users can now redeem its new in-app currency, Stars, into Toncoin.
This integration has driven Toncoin’s price to a new all-time high of $7.65, with its market cap reaching $18.6 billion. Trading volumes have also soared, surpassing $354 million at the time of reporting.
Telegram CEO Pavel Durov unveiled a new in-app currency called Stars on Thursday, June 6. Stars are designed to facilitate the purchase of digital goods and services within Telegram’s ecosystem of mini-apps.
Users can acquire Stars through in-app purchases on iOS and Android or directly within the Telegram platform itself.
These Stars can then be used to buy various digital products available in Telegram mini-apps like Notcoin and Hamster Kombat.
In a blog post, Telegram highlighted the convenience and speed of transactions for digital goods and services, enabling businesses to access over 900 million potential customers directly within Telegram’s platform.
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Furthermore, Pavel Durov announced that Telegram developers will soon have the ability to convert their Stars into Toncoin (TON), the preferred cryptocurrency on The Open Network. This conversion process will take place on Fragment, Telegram’s marketplace for in-app usernames and advertisements.
Developers and vendors will also have the option to exchange their TON for other cryptocurrencies, including USDT, using Telegram’s Wallet bot.
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