How Can Business Start Accepting Toncoin Payments

We explain Toncoin, how it attracts users, and what cryptocurrency payment methods businesses can use to accept it.  

What Is Toncoin?  

Toncoin, or TON, is a cryptocurrency that is a native coin of The Open Network (Telegram Open Network, TON). One of the key features of the blockchain is a multilayered architecture that ensures high performance: in 2023, the network set a world record for the number of transactions processed per second (over 100,000).  

Toncoin is a coin used both inside and outside the network. Its main functions are paying internal commissions, making payments in TON applications, staking, participating in protocol management, paying for domains in the TON network, and other transactions.  

Despite the relatively recent launch (testing began in 2019), the coin has quickly gained popularity. As of the end of September 2024, Toncoin is among the top-10 currencies in terms of market capitalization (over $13.5 billion).  

Toncoin: Brief History  

News of blockchain development for messenger Telegram emerged in 2018 when the Durov brothers announced the creation of the Telegram Open Network. Later in the year, one of the largest initial public offerings in the crypto market took place when $1.7 billion was raised in a private token sale.  

In the spring of 2019, the source code of the future blockchain was published, followed by a test network. However, in October 2019, the creators faced a problem: the US Securities and Exchange Commission accused the new project of illegally selling securities. Although the TON developers did not agree with the accusation, they were forced to stop working on the blockchain in the spring of 2020.  

Thanks to open source, the community of independent developers (NewTON) was able to continue working on the network. As a result, the test network was moved to the main network in 2021. The NewTON team was named TON Foundation, and the blockchain token was renamed from Gram to Toncoin.  

Since then, the network has been actively developing: it launched its own platform for accepting payments, decentralized website hosting and domain name system, TON coin deflation mechanism and a number of other tools. The community plans to further scale up.  

TON Advantages  

TON transfers are in demand by users for several reasons:  

• Proprietary blockchain and ecosystem. Despite its relatively recent launch, the TON network has developed its own infrastructure around it, from wallets and exchanges to proxies and hosting. The blockchain is characterized by high scalability and fault tolerance. 
  
  
• Integration with Telegram. Although TON officially became a completely separate project in 2020, the network still maintains its connection to the messenger. For example, in 2023, Telegram began implementing a cryptocurrency wallet that became part of the main menu — the TON Space service allows users to make TON payments in Telegram without switching to third-party systems. 

• Security. The network operates on the basis of Proof-of-Stake. Under this mechanism, users «pledge» their tokens to ensure the security of the blockchain. Any token holder can participate in this process. This mechanism of operation — staking — encourages users to act in the interests of the network, which increases its stability. 
  
  
• High transaction speed. The network's unique architecture provides fast processing of TON transactions. By this parameter, the Open Network outperforms not only other blockchains but also traditional payment systems, including VISA and MasterCard. 
  
  
• Low fees. The fee for processing payments in TON is less than $0.01. This allows businesses to reduce costs, which is especially important for international companies. When working with fiat currencies, commissions for cross-border transactions can reach several percent of the transaction amount.  

How Do I Accept Payments in Toncoin?  

Businesses can accept payment via Ton in two main ways: direct transfers to a cryptocurrency wallet and working through cryptoprocessing. Let's take a closer look at both options.  

Wallet  

To accept TON to a cryptocurrency wallet, no significant technical preparation is required: you only need to provide the client with a public key to send the payment. The checkout process is done manually. The company representative converts the required amount into cryptocurrency, sends the payment information to the buyer, tracks the receipt of funds, and confirms the payment.  

You can accept payment in Ton on the built-in Telegram wallet. We explained how to create it and withdraw money from it.

The disadvantage of this option is its inconvenience for both parties. The client has to wait for a manager's response, which reduces conversion rates. The company, in turn, spends resources to process each order manually, which can be unprofitable with a large flow of customers.  

Crypto processing  

The second way to organize TON payment on the site or through other platforms is to connect a cryptocurrency payment gateway (crypto processor). Such a system will automate the process of making and confirming a payment, making order placement more convenient for the buyer and seller.  

The list of supported currencies and available features depends on the specific platform. Most processors automatically perform currency conversion, track transactions, confirm orders after payment is received, and collect transaction statistics.   

Many services provide functionality for accepting payment via invoices-links, which allows you to work in social networks and messengers.  

Connecting Crypto Processing  

In order to accept payments in cryptocurrency, it is important to choose a platform that supports this currency. One such service is CryptoCloud. The processing allows you to work through the website, messengers and social networks, supports popular cryptocurrencies and offers a minimum commission — from 0.4%. 

Among the features are AML checks of transactions, automatic conversion to USDT to protect against volatility, detailed statistics, notification system, regular invoices, support of several projects and share of access to a personal account for the company's employees. 

Cryptocurrency acquiring does not require verification to create an account and connects in a few simple steps:  

1. Registration. For this purpose, email and Telegram are required. The service does not require documents and works with both legal entities and individuals. 
   
   
2. Adding a project. To do this, you must fill out a small form, specify a link to the site, set up notifications of successful/unsuccessful payments, select the type of activity and currencies of interest, and wait for the project to pass moderation. 
   
   
3. Integration. You can use ready-made CMS plugins, as well as a structured API or HTML widget. The service provides detailed instructions on how to connect. 
   
   
4. Testing. Before activation, you need to send a trial payment via cryptocurrency, which will ensure there are no errors. 
   
   
5. Launching payment. 

Receiving Payment in Toncoin  

Despite its recent launch, TON has gained huge popularity. In just a few years, the internal token of this network (Toncoin) has earned a place in the top 10 most popular cryptocurrencies.  

Such popularity explains why more and more companies are interested in receiving payment in Ton. One of the most convenient ways to organize the acceptance of such payments is to connect cryptoprocessing. CryptoCloud offers an intuitive interface, and integration takes a few minutes. You can learn more about the system on our website.