Sphere launches bank-to-wallet Telegram extension

Blockchain development company Sphere Labs has announced the launch of a bank-to-wallet Telegram extension. The feature allows users to transfer bank funds to a wallet or wallet funds back to a bank account directly within the Telegram app. Costing early users 0.1% per transaction, the service will be available to early adopters on May 27th, with a full launch expected later this year. Users will need to associate the service with a bank account denominated in US dollars or euros. Telegram continues to be a center for crypto innovation and development, with the TON network providing users with a one-stop shop for Web3 services.With 800 million monthly active users and 52 million daily active users, Telegram sends 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 delivering fintech services to developing countries. Sphere Labs' extensions are designed to facilitate the development of financial services in these regions.