Sphere Labs, a blockchain developer specializing in stablecoin services, has announced a new fiat on-ramp and off-ramp designed for Telegram. This bank-to-wallet extension will allow Telegram users to transfer funds directly between their bank accounts and wallets within the Telegram app.
Early adopters will enjoy a low 0.1% transaction fee, with a full launch planned for later this year. While open to users from non-sanctioned countries, the service requires a U.S. dollar or euro-denominated bank account.
There are many bots and applications in Telegram where users can invest in blockchain exchanges like Unibet and CoinGecko to create a strong blockchain market. The core value of the Telegram project for many crypto users is TON, which will become the single integrated ecosystem for Web 3.0 solutions.
Telegram currently boasts of 800 million monthly active users and could reach 1 billion users by the end of 2024 due to its global appeal of reaching out to underbanked regions such as India where the application has more than 100 million users.
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