Telegram Introduces Fiat On-Ramp & Off-Ramp via Sphere Labs

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As a researcher with experience in the blockchain and fintech industry, I’m excited about Sphere Labs’ new fiat on-ramp and off-ramp for Telegram. The ability to transfer funds directly between bank accounts and wallets within the app is a game-changer for crypto users, especially those who are early adopters of this technology.

Specializing in stablecoin development on the blockchain, Sphere Labs unveils a novel banking interface for Telegram. With this extension, Telegram users can seamlessly transfer funds between their bank accounts and digital wallets within the app itself.

How about this: 💡 Imagine being able to handle everything in just one platform?

💸 Seamlessly transfer funds from your bank account into your digital wallet, and effortlessly withdraw to your bank for a low fee of only 0.1%, all without leaving Telegram.

Allow me to introduce you to your new most valuable companion, SphereBot. 🤝

— Sphere (@sphere_labs) May 27, 2024

Individuals who adopt the service early on will be charged a low transaction fee of 0.1%. A comprehensive launch is scheduled for later in the year. The platform welcomes users from all over the world, but it’s essential to have a bank account that holds US dollars or Euros for using the service.

In Telegram, there are numerous bots and applications available where users can invest in renowned blockchain exchanges such as Unibet and CoinGecko. The essence of Telegram’s significance for crypto enthusiasts lies in its native project, TON, which will eventually serve as a unified ecosystem for all Web 3.0 solutions.

With over 800 million monthly active users, Telegram is making significant strides and may even surpass the 1 billion user mark by the year 2024. This impressive growth can be attributed to its widespread appeal in underbanked areas around the world, with India being a prime example where the platform has amassed over 100 million users.

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2024-05-28 03:00