Sphere Labs, a blockchain developer focused on facilitating stablecoin services for business customers, has announced a new fiat onramp and offramp designed to work within Telegram.
The bank-to-wallet extension will allow Telegram users to move bank funds directly to their wallets and vice versa within the Telegram app, with an advertising fee of 0.1% per transaction for early users.
The service will be available to early users the week of May 27, with a full launch expected later this year.
Users from all non-sanctioned countries can use the Telegram extension, but they must link the service to a US dollar or euro denominated bank account.
Telegram continues to serve as a hub for cryptocurrency innovation and development through various bots and applications such as Unibet and CoinGecko bots, building a robust blockchain ecosystem on Telegram.
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The Telegram Open Network (TON) is at the heart of Telegram’s appeal to cryptocurrency investors, speculators, and enthusiasts.
TON leverages multiple components, including TON Blockchain, TON DNS, TON Storage, and TON Sites, to provide users with a one-stop shop for all their Web3 needs.
According to data from DemandSage, Telegram has 800 million monthly active users, with more than 52 million people using the platform every day.
DemandSage claims that a whopping 15 billion messages are sent via Telegram every day and the app has been downloaded over 1 billion times. Telegram is expected to reach 1 billion users by the end of 2024.
Additionally, India is the country with the largest number of Telegram users, with approximately 104 million users, making the platform a fertile ground for providing fintech services to developing countries.
Expanding financial services to developing countries is becoming a key focus of the blockchain industry, and developers like Ripple Labs and Standard Diamond Co. are attempting to create new solutions for those who lack adequate financial services in the 21st century.