Sphere Labs unveils bank-to-wallet extension for Telegram

  • Sphere Labs, a blockchain development firm specialising in stablecoin services for corporate clients, has introduced a new fiat on-ramp and off-ramp integration tailored for Telegram, launching on May 27 with a 0.1% transaction fee for early users.
  • Users can now transfer money directly between their bank accounts and wallets within the app, which is available to users from any non-sanctioned country who connect a bank account denominated in euros or US dollars.
  • Telegram, a centre for cryptocurrency innovation and home to the Telegram Open Network (TON), supports a robust blockchain ecosystem with over 800 million monthly active users and is projected to reach 1 billion users by the end of 2024.

The blockchain development firm Sphere Labs, which specialises in stablecoin services for corporate customers, has unveiled a new fiat on-ramp and off-ramp integration made especially for Telegram.

Telegram’s bank-to-wallet extension launches May 27

Users of Telegram may now transfer money directly between their bank accounts and wallets within the Telegram app thanks to the bank-to-wallet extension. There is a special transaction charge of just 0.1% for early users.

Early customers will have access to the service beginning the week of May 27, with a full launch scheduled for later this year. Users can use the Telegram extension from any non-sanctioned nation as long as they connect it to a bank account that is either in euros or US dollars.

Also read: Google Wallet arrives in India

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A crypto hub with TON network

Telegram continues to be a centre for cryptocurrency research and innovation, housing a range of programs and bots like the CoinGecko bot and Unibet, which support a healthy blockchain ecosystem. The Telegram Open Network (TON) is the main feature that draws in cryptocurrency investors, speculators, and enthusiasts to Telegram.

TON integrates several components, including the TON Blockchain, TON DNS, TON Storage, and TON Sites, offering users a comprehensive solution for all their Web3 needs.

Telegram has 800 million monthly active users, over 52 million daily users, and sees 15 billion messages sent each day. With more than 1 billion downloads, the platform is expected to reach 1 billion users by the end of 2024.

Telegram is the most popular network in India, where there are an estimated 104 million users. This makes it an ideal location to provide finance services.

The blockchain sector continues to place a high priority on providing financial services to poorer nations. In the twenty-first century, developers such as Standard Diamond Co. and Ripple Labs are working to provide novel solutions for people who do not have access to sufficient financial services


Sylvia Shen

Sylvia Shen is an editorial assistant at Blue Tech Wave specialising in Fintech and Blockchain. She graduated from the University of California, Davis. Send tips to s.shen@btw.media.

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