Developers of mini-applications for messaging platform Telegram can now exchange Telegram Stars for: Toncoin ton
+3.94%
The move comes nearly a month after Telegram first introduced Stars, a redeemable virtual point, in early June. Users buy a certain amount of Stars with fiat currency to use within their mini-apps, and now developers have a way to exchange them for cryptocurrency.
“Bot developers offering digital goods and services, and creators monetizing their channels with paid posts, can now use the Telegram Stars they’ve earned to get rewarded with Toncoin or buy Telegram ads,” Telegram wrote in a June 30 blog post. “Telegram takes virtually no fees on Stars transactions, so only taxes and payment system fees apply. When you transfer Stars to a Telegram advertising account, Telegram adds a 30% discount to cover all third-party payment system fees.”
According to The Block Prices, TON was trading at $8.05 after rising 5.06% in the last 24 hours. The Open Network is a blockchain and cryptocurrency platform specialized for Telegram and used by bots, automated programs designed for information, entertainment, and other purposes.
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About the Author
MK Manoylov has been a reporter for The Block since 2020, joining just before Bitcoin first broke $20,000. Since then, MK has written nearly 1,000 articles for the publication, covering all aspects of crypto news but with a penchant for NFTs, metaverse, web3 games, fundraising, crime, hacking, and crypto ecosystem stories. MK holds a graduate degree from the Science, Health, and Environment Reporting Program (SHERP) at New York University and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.