Sphere Labs, a blockchain development firm specializing in providing stablecoin services to businesses, has unveiled a new bank-to-wallet Telegram extension. This extension allows Telegram users to transfer funds directly between their bank accounts and cryptocurrency wallets within the app.

The new feature offers a streamlined fiat on-ramp and off-ramp with a competitive transaction fee of 0.1% for early adopters. The service is set to become available to early users during the week of May 27, with a full launch anticipated later this year. Users from any non-sanctioned country can access the extension, provided they link it to a bank account denominated in either U.S. dollars or euros.

Telegram, known for its robust ecosystem of crypto innovations and applications, continues to attract crypto enthusiasts. The platform hosts a variety of bots and tools, such as Unibet and the CoinGecko bot, which contribute to its vibrant blockchain community.

Central to Telegram's crypto appeal is the Telegram Open Network (TON), which includes components like the TON Blockchain, TON DNS, TON Storage, and TON Sites. These tools collectively offer users a comprehensive Web3 experience.

DemandSage data highlights Telegram's impressive reach, with 800 million monthly active users and over 52 million daily users. The app facilitates around 15 billion messages daily and has been downloaded more than 1 billion times. Telegram is projected to reach 1 billion users by the end of 2024. India leads in Telegram usage, with an estimated 104 million users, making it a strategic platform for delivering fintech services to developing regions.

Expanding financial services to underserved areas remains a priority within the blockchain industry. Companies like Ripple Labs and Standard Diamond Co. are also working on innovative solutions to enhance financial inclusion in the 21st century. Sphere Labs' new Telegram extension aligns with these efforts, potentially broadening access to financial services through a widely used communication platform.