Sphere Labs, a blockchain development company specializing in stablecoin services for businesses, has announced a new bank-to-wallet extension designed for Telegram. This innovative feature allows users to transfer funds directly between their bank accounts and Telegram wallets, offering a streamlined experience within the Telegram app.
Key Features and Launch Timeline
The bank-to-wallet extension will charge an advertised fee of 0.1% per transaction for early users. The service is set to open to early users during the week of May 27, with a full launch expected later in the year. Although the extension is accessible to users from any non-sanctioned country, it must be linked to a U.S. dollar or euro-denominated bank account.
Telegram’s Crypto Ecosystem
Telegram has become a significant hub for crypto innovation, hosting various bots and applications that contribute to its robust blockchain ecosystem. Notably, the Telegram Open Network (TON) plays a central role in attracting crypto investors and enthusiasts. TON integrates several components, including the TON Blockchain, TON DNS, TON storage, and TON Sites, providing a comprehensive suite of Web3 services.
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User Base and Market Potential
According to data from DemandSage, Telegram boasts an impressive 800 million monthly active users, with over 52 million daily users. The platform handles approximately 15 billion messages daily and has been downloaded over 1 billion times. Telegram is projected to reach 1 billion users by the end of 2024. India leads the user base with an estimated 104 million users, making it a prime market for delivering fintech services.
Financial Inclusion and Blockchain
Expanding financial services to developing countries remains a core focus of the blockchain industry. Companies like Ripple Labs and Standard Diamond Co. are creating innovative solutions to provide financial services to underserved populations. Sphere Labs’ new extension aims to contribute to this mission by leveraging Telegram’s widespread adoption to offer accessible financial services.
