Telegram Launches Crypto Token 'Stars' for Payments
Telegram, a messaging application, has introduced a new digital payment feature called “Telegram Stars,” enabling users to make in-app purchases. The ‘Stars’ is compatible with both iOS and Android devices.
The company’s CEO, Pavel Durov, provided an update on Thursday, stating that mini-applications now accept payments for digital services with the Stars. Furthermore, the exchange Fragment enables app developers to exchange their stars for Toncoin (TON), the token of The Open Network.
TON experienced a substantial increase on Wednesday, rising by 10% and securing a spot among the top 10 cryptocurrencies in market capitalization.
“Mini app developers can withdraw their stars via fragment using TON,” Durov wrote. Stars can also be employed to enhance the visibility of their applications on Telegram with preferential terms.
The decision was made in response to the recent increase in the number of users joining Telegram’s mini apps, with millions of users entering daily. Hamster Kombat is one of the mini apps that has been gathering traction recently, primarily on Telegram.
Players can augment their exchange income in this simulator game by purchasing “upgrade cards” and accomplishing quests.
Hamster Kombat announced last week that it had acquired millions of subscribers and had become the most popular channel on Telegram in terms of users.
Due to the recent mini-app explosion, Durov observed that the messaging platform has already become the “main destination” for launching new apps.
“Stars and ad subsidies elevate this to an unprecedented level in social media annals.”
Additionally, Durov stated that Apple and Google would receive a 30% commission when consumers purchase Stars from them.
He also stated that the messaging app will “subsidize ads purchased with Telegram Stars.” However, there would be no commission if app developers reinvested in Stars to promote their apps.
“As a result, launching apps on Telegram makes more economic sense than launching traditional mobile apps.”
Telegram partnered with the stablecoin issuer to launch Tether (USDT) on the TON blockchain in April. The partnership’s objective was to increase cryptocurrency adoption via Telegram.
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