NewsletterSolana-Based Sphere Labs Debuts Banking Integration on Telegram
Highlights
- Sphere Labs' Telegram extension offers 0.1% fee for bank-to-wallet transfers.
- Service begins for early users in late May, full launch later this year.
- Targets USD and EUR accounts from non-sanctioned nations.
Sphere Labs a blockchain development company that uses Solana technology has introduced a new Telegram extension that allows users to easily transfer money between bank accounts and digital wallets.
The new feature is expected to help Telegram users make and receive payments by incorporating banking services into the platform.
Sphere’s Extension Revolutionizes Telegram Transactions
The bank-to-wallet function presented by Sphere Labs enables money transfers between users’ bank accounts and their wallets in Telegram. This service, which is expected to be ready for the initial batch of users in the week beginning May 27, will cost a token of 0.1% per transaction.
🚨 BREAKING: Solana-based @sphere_labs introduces SphereBot, allowing users to on-ramp directly from their bank account to their wallet and off-ramp without leaving Telegram.
— SolanaFloor (@SolanaFloor) May 27, 2024
The initiative is aimed primarily at the clients with USD or EUR bank accounts in non-sanctioned countries.
Sphere Labs has highlighted the security and effectiveness of this new feature, which will allow users to perform fast and seamless financial operations within the Telegram environment. The full-scale availability of the service, however, will be rolled out later in the year, having begun the beta testing phase among the pioneers.
Expanding Access to Financial Services
Introducing banking services via Sphere Labs in Telegram is a step towards improving the financial features available on the messaging platform.
Telegram, which has a powerful audience and effective encryption, remains one of the most attractive platforms for various applications and services, strengthening its position in the field of crypto and blockchain.
This action of Sphere Labs, as a result, is in line with the current trends of increasing the financial industry in developing countries, which offers a solid foundation for the development of fintech. In this way, Sphere Labs plans to make banking services more available and comprehensible to the millions of people who use Telegram and are from emerging economies.
Telegram as a Hub for Crypto Innovation
It is for this reason that Telegram has gone further to support a myriad of crypto related applications and bot solutions like Unibet and the bot based on CoinGecko.
Further, it expands its connection with the crypto market by using the Telegram Open Network (TON) that offers users complete Web3 solutions in the form of TON Blockchain, TON DNS, TON Storage, and TON Sites.
This development, consequently, is in line with the trend in which messaging apps are incorporating features that allow users to transact and even manage their finances within the apps they use most. The new extension of Sphere Labs is expected to provide a key function in this integration, making it easier for the users of Telegram to deal with their finances.
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