Sphere Labs, a blockchain developer, is set to launch a new fiat on-ramp and off-ramp within the Telegram app. This bank-to-wallet extension will enable users to transfer funds directly from their bank to their wallet and vice versa. The service, which will charge an introductory fee of 0.1% per transaction, is expected to be available to early users from the week of May 27. A full launch is anticipated later this year. Users from non-sanctioned countries can use this extension, but they must link it to a USD or Euro bank account. This move is part of Telegram's ongoing efforts to foster a robust blockchain ecosystem.