In a significant advancement for cryptocurrency users, MoonPay has announced the launch of MoonPay Deposits, a new feature that enables over 100 million Telegram account holders to fund their TON Wallets using cryptocurrencies from any supported blockchain. This service aims to simplify the process of transferring digital assets, allowing users to send their existing crypto without needing to navigate complex conversion processes.
Traditionally, users faced challenges when transferring funds between various wallets. Incorrect transaction details could lead to failed transfers or the permanent loss of assets. MoonPay Deposits addresses these issues by managing the technical complexities of asset swaps, routing, and compatibility, ensuring that funds arrive securely in the intended asset and wallet.
Ivan Soto-Wright, co-founder and CEO of MoonPay, emphasized the importance of reducing barriers for users, stating that “users shouldn’t have to buy new assets or navigate complex steps just to fund an account.” He highlighted that the new system simplifies this by allowing users to utilize cryptocurrencies they already possess, streamlining their experience and supporting a wider array of applications.
The MoonPay Deposits feature is fully integrated within MoonPay’s infrastructure, providing a comprehensive solution from deposit detection to asset delivery. Users can now easily fund their TON Wallet with various cryptocurrencies, including BTC, ETH, and SOL, which will be automatically converted to supported tokens in the process. This system is set to significantly enhance the onboarding experience for new users entering the Telegram ecosystem.
Andrew Rogozov, founder and CEO of The Open Platform and Wallet in Telegram, pointed out that one of the greatest barriers to crypto adoption has been the difficulty of initial funding. By allowing funds to be brought in from other networks without the need for prior assets on the TON blockchain, this new functionality seeks to make engagement with the TON ecosystem as seamless as possible.
Funding a TON Wallet is straightforward: users simply open the wallet, select the “Deposit” option, and choose the type of crypto they wish to convert. After selecting the token and the network to send from, they generate a deposit address, which can then be copied or scanned. Following fund entry and confirmation, MoonPay automatically handles any necessary conversions and sends the user their funds in the desired cryptocurrency.
As a leading player in the financial technology sector, MoonPay, which launched in 2019, has established a strong network with over 30 million customers in 180 countries. Its comprehensive suite of services allows both businesses and consumers to transact seamlessly between fiat and digital assets. The company holds various regulatory licenses, including a BitLicense in New York and MiCA authorization in the European Union.
Meanwhile, Wallet in Telegram, developed in collaboration with The Open Platform, has seen rapid growth, boasting over 150 million registered users. This digital asset solution offers a dual wallet experience, allowing for both crypto trading and access to the broader TON ecosystem. The integration with MoonPay further enhances its versatility, marking a significant step forward in the accessibility of digital currencies for millions of users worldwide.
