solana-Based Sphere Labs Starts Banking Integration on Telegram
Sphere Labs, a blockchain development company using Solana technology, has introduced a new Telegram extension that allows users to easily transfer money between bank accounts and digital wallets.
The new feature is expected to help Telegram users make and receive payments by incorporating banking services into the platform.
Sphere’s Extension Revolutionizes Telegram Transactions
The bank-to-wallet functionality offered by Sphere Labs allows users to transfer money between their bank accounts and their wallets on Telegram. This service, which is expected to be ready for the first group of users in the week starting May 27, will have a token cost of 0.1% per transaction.
The initiative is primarily aimed at customers with bank accounts in USD or EUR in non-sanctioned countries.
Sphere Labs emphasized the security and effectiveness of this new feature, which will allow users to perform fast and seamless financial transactions in the Telegram environment. However, full-scale availability of the service will be available later in the year, with the start of the beta testing phase among pioneers.
Expanding Access to Financial Services
The introduction of banking services through Sphere Labs on Telegram is a step towards improving the financial features available on the messaging platform.
With a strong audience and effective encryption, Telegram continues to be one of the most attractive platforms for various applications and services, strengthening its position in the crypto and blockchain space.
Consequently, this action by Sphere Labs is in line with current trends to boost the financial industry in developing countries, offering a solid foundation for the development of fintech. In this way, Sphere Labs plans to make banking services more accessible and understandable for millions of people from developing economies who use Telegram.
Telegram as the Hub of Crypto Innovations
That’s why Telegram has gone further to support numerous crypto-related apps and bot solutions, such as Unibet and the CoinGecko-based bot.
It is also expanding its connection to the crypto market using the Telegram Open Network (TON), which offers users complete Web3 solutions in the form of TON Blockchain, TON DNS, TON Storage and TON Sites.
As a result, this development aligns with the trend of messaging apps to incorporate features that allow users to make transactions and even manage their finances in the apps they use most. The new extension from Sphere Labs is expected to provide an important function in this integration and make it easier for Telegram users to deal with their finances.
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Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.
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