Sphere Labs, a blockchain developer dedicated to facilitating stablecoin services for business clients, is introducing a new fiat on-ramp and off-ramp feature specifically designed for use within the Telegram app.
The bank-to-wallet extension will enable Telegram users to seamlessly transfer funds between their bank accounts and wallets directly through the app. This service will be available to early users starting from the week of May 27, with a full launch planned for later this year. Early users will be charged a transaction fee of 0.1% per transaction.
While the Telegram extension can be used by users from any non-sanctioned country, they must link the service to a bank account denominated in either US dollars or euros.
Telegram has established itself as a thriving hub for crypto innovation and development, offering a range of bots and applications that have contributed to the creation of a robust blockchain ecosystem on the platform. Notable examples include Unibet and the CoinGecko bot.
At the heart of Telegram’s appeal to crypto investors, speculators, and enthusiasts is the Telegram Open Network (TON). TON leverages various components, such as the TON Blockchain, TON DNS, TON storage, and TON Sites, to provide users with a comprehensive solution for all their Web3 needs.
According to data from DemandSage, Telegram currently boasts an impressive user base of 800 million monthly active users, with over 52 million people using the platform on a daily basis. The platform sees a staggering 15 billion messages exchanged daily, and the app has been downloaded over 1 billion times. It is projected that Telegram will reach 1 billion users by the end of 2024.
India stands out as the country with the highest number of Telegram users, estimated at 104 million. This makes the platform an ideal channel for delivering fintech services to the developing world.
The blockchain industry remains committed to expanding financial services in developing countries, with companies like Ripple Labs and Standard Diamond Co. actively working on innovative solutions to address the lack of adequate financial services in the 21st century.