Developers of Sphere Labs unveiled an extension for Telegram that allows users to transfer funds between bank accounts and cryptocurrency wallets. The new feature will be available for early adopters with a minimum fee of 0.1% per transaction.
Sphere Labs, a blockchain company developing blockchain solutions for corporate clients using stablecoins, launched SphereBot, a new extension for the Telegram messenger that will allow users to exchange fiat to cryptocurrencies and back directly in the app.
The new extension will work on a bank-to-wallet principle, enabling Telegram users to transfer money from bank accounts to crypto wallets and back. According to the announcement, the minimum transaction fee will be 0.1% for early users who accessed it on May 27. A full launch is planned for later this year.
In the first stage, the service will be available only to users from the U.S. and Europe, as well as to residents of any non-sanctioned country with bank accounts denominated in U.S. dollars or euros.
Telegram continues to be the crypto innovation hub, providing a platform for multiple bots and apps based on The Open Network (TON). DeFiLlama reports that the total value locked (TVL) on TON reached $316 million.
In April, Pavel Durov said that TON will be used for all internal payments on the platform. Earlier, the RevShare advertising platform was integrated into Telegram, and TON Foundation developers presented a solution for encrypting messages.
