"Discover How Telegram's New 'Star' Currency is Revolutionizing the Mini App Market!"

Fulfilling a promise made earlier this year, Telegram CEO Pavel Durov announced a new in-app currency on Thursday that will facilitate the purchase of digital goods and services in Telegram mini-apps in a crypto-powered ecosystem.

Image : Google.com/Telegram

The in-app currency, Stars, will be available to purchase with fiat currency via in-app purchases via iOS and Android, or within Telegram itself. Stars can then be used to purchase digital products within the Telegram mini-app, such as Notcoin and Hamster Kombat, found on the popular messaging app. 

“With fast and easy-to-use digital payments for goods and services, the bot and mini-app platform will enable new types of businesses to reach more than 900 million potential customers inside Telegram,” the company said in a blog post today.

In the near future, developers on Telegram will be able to withdraw Stars in Toncoin (TON), Telegram's favorite cryptocurrency on The Open Network. The transfer will take place on Fragment, Telegram's marketplace for usernames and in-app advertising.

Developers and vendors can then exchange their TONs for other cryptocurrencies including USDT, the world's largest stablecoin, via Telegram Wallet.

In April, Durov announced that Telegram was partnering with Tether, the issuer of USDT, in a move designed to increase the appeal of making trades on the privacy-focused messaging app. 

He also revealed, on stage at the Token 2049 crypto conference in Dubai, that Telegram will soon support in-app purchases of digital goods and services, with developers taking home 70% of the revenue from such transactions.Today.

Durov further explained that Telegram will subsidize ads purchased with Stars, in an effort to encourage use of the currency and prevent the repeated collection of 30% commissions on new in-app Stars purchases by Apple and Google.

“The recent explosion of mini-apps has made Telegram the go-to destination for new app launches,” Durov said. “Stars and advertising subsidies take this to a new level—unprecedented in the history of social media.”

Recently, crypto-related ventures in the Telegram ecosystem are experiencing a rapid rise. The Hamster Kombat mini-app, which announced plans to send TON-based tokens to players, has quickly become the latest gaming obsession in the crypto world.

Meanwhile, a cryptocurrency related to Notcoin, a similar game on Telegram, surged past a $2 billion market cap earlier this week. NOT is also the largest gaming token launched so far in 2024.

All that buzz seems to be driving up the price of Toncoin. Wednesday morning, TON reached its highest price ever, $7.76. The token is now on the cusp of an $18 billion market cap, making it the 10th most valuable cryptocurrency on the market.

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