Blockchain dev Sphere introduces a bank-to-wallet Telegram extension
Blockchain developer Sphere Labs has announced a new fiat on-ramp and off-ramp designed to work within Telegram, facilitating stable coin services for business clients.
The Bank-to-Wallet extension allows Telegram users to transfer their bank funds directly to their wallets and vice-versa within the Telegram app with a 0.1% ad fee.
The service will open to early adopters on May 27 and is expected to be fully operational by the end of this year.
Although users from any unauthorized country can use the Telegram extension, they must link the service to a bank account denominated in US dollars or euros.
Telegram continues to be a hub for crypto innovation and development, with several bots and applications such as Unibet and CoinGecko bot creating a strong blockchain ecosystem on Telegram.
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Telegram Open Network (TON) is at the heart of Telegram, appealing to crypto investors, speculators and enthusiasts.
Ton Ton uses several components, including Blockchain, Ton DNS, Ton Storage and Ton Sites, to provide users with a one-stop shop for their Web3 needs.
According to data from DemandSage, Telegram boasts more than 52 million daily active users with 800 million monthly active users.
DemandSage says 15 billion messages are sent on Telegram every day, and the app has been downloaded more than 1 billion times. Telegram is expected to have 1 billion users by the end of 2024.
In addition, India is the country with the largest number of Telegram users, with an estimated 104 million users, making the platform a fertile ground for bringing fintech services to the developing world.
Like Ripple Labs and Standard Diamond Co. Expanding financial services in developing countries continues to be a major focus of the blockchain industry, as developers such as these are trying to create new solutions for the financially underserved in the 21st century.
