Sphere Labs, a blockchain developer specializing in stablecoin services for businesses, has announced a new feature within Telegram that will allow users to easily transfer funds between their bank accounts and wallets. This bank-to-wallet extension, set to launch later this year, will offer users the convenience of performing transactions directly within the Telegram app. Early users will be charged a fee of 0.1% per transaction.
While the Telegram extension will be available to users in any non-sanctioned country, they will be required to link their account to a bank account denominated in US dollars or euros.
Telegram has emerged as a prominent platform for crypto innovation and development, with various bots and applications, including Unibet and the CoinGecko bot, contributing to the growth of a vibrant blockchain ecosystem. At the heart of Telegram’s appeal to crypto investors and enthusiasts is the Telegram Open Network (TON), which encompasses components such as the TON Blockchain, TON DNS, TON storage, and TON Sites, providing users with a comprehensive Web3 solution.
Telegram boasts an impressive user base, with 800 million monthly active users and over 52 million daily active users, according to DemandSage. The platform witnesses a staggering 15 billion messages sent each day and has been downloaded more than 1 billion times. It is projected to reach 1 billion users by the end of 2024. India, with an estimated 104 million users, stands out as the country with the highest number of Telegram users, making it an ideal market for delivering fintech services to the developing world.
The blockchain industry remains committed to expanding financial services in developing countries, and companies like Ripple Labs and Standard Diamond Co. are actively working on innovative solutions to address the financial needs of underserved populations in the 21st century.