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The second biggest messenger platform in the world launched a P2P cryptocurrency exchange service that allows users to exchange multiple types of currencies using the bot functionality. The exchange is implemented by the TON Foundation and will be using its flagship token TON to facilitate trading between users using different types of fiat currencies in their day-to-day financial operations.
The service is expected to reach millions of users from across the globe by providing a convenient way to participate in the growing crypto market.
TON is a great tool that could see a very bullish trend soon
The demand for TON should skyrocket with more people using Telegram’s exchange to buy various crypto assets. The current market capitalization of TON is $1.72 billion and the daily trading volume is about $10 million, give or take 1 mil. While these numbers are not as impressive as what you see from other tokens, the trading volume should increase dramatically over the next month when more users start using the Telegram service.
Just over a 24-hour cycle, TON managed to climb by 4.8% and seems to be in a good position to start a bullish movement in the nearest future. The new exchange should open up opportunities for crypto investments to people living in Russia, Kazakhstan, Eastern Europe, and the Caucasus, regions that are not known for intense cryptocurrency trading. Now, many will be able to join without having any issues related to exchanging their fiat for crypto.
TON can be bought with USD, Euro, Ruble, Hryvnia, and Tenge. The functionality is still somewhat raw. Many users will need time to adapt to the bot interface. It seems that the Telegram exchange will be slowly gaining momentum as users learn how to use an unconventional P2P CEX platform using their favorite messenger.
Telegram is making a big move forward
Pavel Durov’s messenger is one of the most used applications in the world. It is a secure and reliable communication app that offers its users encrypted chats, content delivery, and more. Now, it will also act as a non-custodial P2P CEX that already has an in-built audience.
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