Sphere Labs, a blockchain developer dedicated to facilitating stablecoin services for corporate clients, has unveiled a new fiat on-ramp and off-ramp tailored to operate within Telegram.
The bank-to-wallet extension enables Telegram users to seamlessly transfer funds between their bank accounts and wallets directly within the Telegram app, with an advertised fee of 0.1% per transaction for early adopters.
This service will be available to early adopters starting the week of May 27, with a full rollout expected later this year.
While users from any unsanctioned country can utilize the Telegram extension, they are required to link the service with a bank account denominated in United States dollars or euros.
Telegram remains a hotbed of crypto innovation and development, boasting a plethora of bots and applications such as Unibet and the CoinGecko bot, fostering a robust blockchain ecosystem within the platform.
At the heart of Telegram’s appeal to crypto investors, speculators, and enthusiasts lies the Telegram Open Network (TON), which integrates various components including the TON Blockchain, TON DNS, TON storage, and TON Sites, offering users a comprehensive solution for all their Web3 requirements.
According to DemandSage, Telegram boasts an impressive 800 million monthly active users, with over 52 million users engaging with the platform on a daily basis. DemandSage also reports that a staggering 15 billion messages are exchanged on Telegram daily, with the app being downloaded more than 1 billion times. Telegram is projected to reach 1 billion users by the end of 2024.
Furthermore, India ranks as the country with the highest number of Telegram users, estimated at 104 million users, making the platform an ideal environment for delivering fintech services to emerging markets.
The expansion of financial services to developing countries remains a central focus of the blockchain industry, with companies like Ripple Labs and Standard Diamond Co. striving to develop innovative solutions for those lacking adequate financial services in the modern era.
Source: tradingview.com
