Telegram users can now buy crypto tokens against the U.S. dollars using a cryptocurrency wallet dubbed as the Button Wallet. The Button Wallet is basically a messenger-based platform developed in late 2018 for sending payments. The wallet has recently announced its integration with the Telegram messenger and has over 100,000 registered users and 2000 active users.
Speaking to CoinDesk, Button Wallet COO Rachael McCrary said:
“For mass-market adoption of decentralized banking, you need more people. You need to make it easier for people to buy in.”
He further added:
“We definitely believe in empowering people to control their own finances in any way they want. We’re just a software company giving people another option.”
By providing the crypto-to-fiat functionality in one of the world’s most widely used messaging platforms, the Button Wallet is pushing a wide range of crypto use cases. The fiat-on-ramp functionality offered by Button Wallet is an outcome of its partnership with payment processor Wyre. Wyre’s director of institutional sales, Jack Jia said:
“At Wyre, we’re on a mission to help lower the barriers to entry for crypto platforms by offering them compliant ports into a regulated fiat world. … Helping users already familiar with Telegram to easily buy crypto and self-custody funds all within the messenger app is a major achievement by Button Wallet.”
The Functioning of the Button Wallet
The Button Wallet is basically a non-custodial wallet allowing users to exchange and send a variety of different cryptocurrencies in small amounts. The crypto startup has received funding worth half-a-million dollars from Ethereum Classic Labs, MIT Play Labs and other angel investors.
Button Wallet COO McCrary says that the crypto wallet has its users across the U.K., U.S., Germany, Venezuela, and Indonesia. However, in the initial stage, the app will support only U.S. Dollars for crypto purchases which will be sent through an automated clearing house (ACH) transfer.
The company plans to add support for more fiat currencies from Asia and Europe in a short time. Similarly, the Button Wallet currently allows purchasing only Bitcoin, Ethereum, and DAI against the USD with a plan to add more cryptos soon. With the latest Telegram integration, it will also add support for the GRAM token upon launch.
Besides, the Button Wallet is also planning to integrate with other messaging platforms. Recently, Button Wallet co-founder Alekasndr Safonov said that they have built a crypto payments wallet that can work with Discord.
Development of the Telegram Open Network
As we’ve reported, Telegram is planning to launch its blockchain network – the Telegram Open Network (TON) – by the Q3 of 2019. The TON network will host its native cryptocurrency GRAM. Telegram has also created a native programming language called Fift for Telegram Open Network.
Just like Telegram, other tech companies are also exploring blockchain and cryptocurrency use cases for the platform. Social media giant Facebook is planning to launch its native crypto token GlobalCoin across all of its messaging platforms like Messenger, WhatsApp, and Instagram.