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

Telegram has introduced a new digital token, ‘Telegram Stars,’ which users can utilize to buy digital goods and services within the app. Telegram CEO Pavel Durov announced the launch on June 6. This in-app currency simplifies transactions for Android and iOS users, enabling direct purchases through mini apps.

Pavel Durov highlighted that developers can convert their Stars into Toncoin (TON), the principal cryptocurrency of Telegram’s ‘The Open Network.’ This exchange can be made on Fragment, a marketplace primarily used for trading Telegram usernames. Additionally, developers can use Stars to promote their applications more effectively on the platform.

In an effort to encourage the use of Stars, Telegram has decided to subsidize advertisement costs on the app. This is particularly significant since digital sales on platforms like Apple and Google incur a 30% commission. By subsidizing these costs, Telegram aims to attract more developers to create and sell their digital products through the app.

Durov also noted that future updates would expand the functionality of Telegram Stars, introducing new features such as gifts for content creators. This ongoing development reflects Telegram’s commitment to enhancing user engagement and broadening the utility of the Stars token.

Since its inception, Telegram has successfully launched several digital products. One notable success is Notcoin, a ‘tap-to-earn’ token, which gained 35 million users within five months. Users earn NOT tokens by engaging in social challenges, significantly increasing user interaction with Telegram’s bots and mini-apps. Over 400 million Telegram’s 900 million users engage with these features monthly.

Telegram launched Tether (USDT) on the TON blockchain in another strategic move this April. In collaboration with the stablecoin’s issuer, this initiative aims to boost cryptocurrency adoption through the messaging platform.

Toncoin (TON) has seen a notable surge in its price, gaining 2.96% over the past 24 hours, bringing its current value to $7.69. The increase has been accompanied by a significant boost in trading volume, which rose by 9.80% to reach $358,061,008.

This uptick in Toncoin’s market activity has propelled its market capitalization to an impressive $18.7 billion, marking a 6.89% rise. This growth has helped TON climb the ranks, now holding the 9th position in market cap among cryptocurrencies.