Social messaging platform Telegram has launched “Telegram Stars,” a new in-app token that can be used to purchase digital goods and services on the platform.
“With Telegram Stars, widgets can now accept payments for digital services using the simplest possible payment method: in-app purchases on Android and iOS,” company CEO Pavel Durov said in an article on Telegram on June 6.
Developers can exchange their stars for Toncoin (TON) – the native cryptocurrency that powers Telegram’s “open network” – through Fragment, a platform primarily used for buying and selling Telegram usernames.
“They can also use stars to further promote their apps on Telegram,” Durov added.
Durov said Telegram will support ads purchased with Stars on Apple and Google, which take a 30% commission on digital product sales.
Durov believes that this will economically stimulate developers to create digital products on Telegram:
“If developers reinvest Stars in promoting their apps, the total commission would be close to 0%. “As a result, launching apps on Telegram is more profitable than launching traditional mobile apps. »
“Future updates will bring additional features to Stars, such as gifts for creators and more,” Telegram said in a June 6 post.
Telegram has seen huge success with Notcoin, one of the most popular apps on the platform, which amassed 35 million users in the first five months of its launch.
Notcoin is a “click to win” token where users do NOT earn tokens by completing various social challenges.
More than 400 million of Telegram’s 900 million users interact with Telegram bots and widgets every month.
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Telegram launched Tether (USDT) on the TON blockchain in April as part of a partnership with a stablecoin issuer to drive adoption of cryptocurrencies on the messaging platform.
“(Users) no longer need to jump through barriers to acquire another type of cryptocurrency or token,” Justin Hyun, chief investment officer at the TON Foundation, told Cointelegraph at the time.
About 36 hours ago, TON set a new all-time high at $7.65, but has since retreated to $7.50, according to CoinGecko. However, its market cap of $18.2 billion is still $7 billion below its April 12 peak of $25.2 billion.
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