Sphere launches bank-to-wallet Telegram extension

Blockchain development company Sphere Labs has announced the launch of a bank-to-wallet extension to Telegram. The feature allows users to transfer bank funds to a wallet directly within the Telegram app, or transfer wallet funds back to a bank account. Early adopters will be charged 0.1% per transaction, and the service will be available to early adopters on May 27, with a full rollout expected later this year. Users will need to link the service to a bank account denominated in dollars or euros.
Telegram continues to be a hub for crypto innovation and development, with the TON network providing users with a full stack of Web3 services. Telegram has 800 million monthly active users and 52 million daily active users, sending 15 billion messages per day, and expects to reach 1 billion users by the end of 2024. India is the country with the largest number of Telegram users, with 104 million users, making Telegram an important platform for providing fintech services to developing countries. Sphere Labs' expanded capabilities are designed to facilitate the development of financial services in these regions.