Blockchain Developer Sphere Labs Launches Fiat On-Ramp and Off-Ramp Service on Telegram

• Sphere Labs introduces Telegram fiat on-ramp, off-ramp for bank-to-wallet transactions.
• Service offers 0.1% fee per transaction for early users, launching May 27.
• Users from non-sanctioned countries must link to USD or euro bank account.
• Telegram hosts various crypto bots and apps, fostering blockchain ecosystem.
• Telegram Open Network (TON) central to platform's appeal to crypto community.
• India leads in Telegram users, offering potential for fintech services expansion.

Summary :
Blockchain developer Sphere Labs has announced a new fiat on-ramp and off-ramp service designed to work within the messaging app Telegram. The service, which will be available to early users from May 27, allows Telegram users to transfer funds directly between their bank accounts and wallets within the app. However, users from non-sanctioned countries must associate the service with a US dollar or euro-denominated bank account. The fee for transactions is advertised as 0.1% per transaction for early users. The full launch of the service is expected later this year. Telegram has a large user base, with 800 million monthly active users and 52 million daily users. The platform is particularly popular in India, which has an estimated 104 million users. The expansion of financial services to developing countries is a key focus for the blockchain industry.

Sources :

- CoinTelegraph