Sphere Labs, a blockchain developer that specializes in providing stablecoin services for businesses, has announced the launch of a new fiat on-ramp and off-ramp feature designed specifically for Telegram. This new extension, known as the bank-to-wallet feature, will enable Telegram users to transfer funds directly from their bank accounts to their wallets within the Telegram app, and vice versa. The 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 fee of 0.1% per transaction for using this service.
While users from any non-sanctioned country will have access to the Telegram extension, they will need to link the service to a bank account denominated in either US dollars or euros.
Telegram has established itself as a major hub for cryptocurrency innovation and development. It is home to various bots and applications, including Unibet and the CoinGecko bot, which have contributed to the creation of a thriving blockchain ecosystem on the platform.
Telegram’s appeal to crypto investors, speculators, and enthusiasts is further enhanced by the Telegram Open Network (TON), which encompasses the TON Blockchain, TON DNS, TON storage, and TON Sites. This network provides users with a comprehensive solution for all their Web3 needs.
DemandSage data reveals that Telegram has an impressive user base of 800 million monthly active users, with over 52 million people using the platform on a daily basis. The platform witnesses the exchange of a staggering 15 billion messages per day and has been downloaded more than 1 billion times. It is predicted 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 Telegram a fertile ground for delivering fintech services to developing nations.
The blockchain industry is actively working towards expanding financial services in developing countries. Ripple Labs and Standard Diamond Co. are among the developers striving to create innovative solutions for individuals who lack access to adequate financial services in the modern era.