According to Odaily Planet Daily, blockchain development company Sphere Labs announced the launch of the bank-to-wallet Telegram extension. This feature allows users to transfer bank funds to wallets directly within the Telegram app, or transfer wallet funds back to bank accounts. The fee for each transaction for early users is 0.1%. The service will be open to early users on May 27 and is expected to be fully launched later this year. Users need to link the service to a bank account denominated in US dollars or euros.
Telegram has 800 million monthly active users and 52 million daily active users, sending 15 billion messages per day, and is expected 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 promote the development of financial services in these regions.
