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.

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.

Read Also: Ethereum ETF Approvals Poised to Spur Long-Term Growth

✓ Share:

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Leave a Reply

Your email address will not be published. Required fields are marked *