Telegram Messenger Sees First Multi-Cryptocurrency Wallet Allow Fiat Purchases to Buy Coins
A new app that let you hold cryptocurrencies on a wallet linked to your Telegram account is now making it easier for its clients to use their fiat currency (USD) to buy tokens. The software, named Button Wallet, was launched last year.
The messenger-based program can be used for sending payments to other Telegram users. The company currently has a user base of 100,000 people and 2,000 of them are actively using it right now. The COO of the company, Rachael McCrary, affirmed that the company needs to reach mass adoption but that they are making it easier for people to use their program.
According to her, the new feature is a part of that. It will be important in order to get adoption as some of the main messaging platforms are starting crypto projects as well. For instance, Facebook Coin (now known as GlobalCoin) will be used on Whatsapp and Facebook Messenger, for instance, so now is the perfect time to start a service like this.
Telegram is the perfect platform for that, especially now that it is completing its Telegram Open Network update, which is considered very important for the future of the token.
Button Wallet is working together with the Wyre payment processor in order to make the fiat payments. The director of institutional sales of Wyre, Jack Jia, was interviewed by Coindesk. He affirmed that the mission of the company is focused on helping to lower all the entry barriers by offering them the means to be compliant and linked to the fiat world.
According to the director, using Telegram to help people to buy cryptos is a major achievement for Button Wallet and the company is very glad to be able to help them in this endeavor.
Button Wallet is known for being a noncustodial wallet. By using it, the users will be able to send a variety of funds, especially in small amounts. The project was originally funded with a total of $470,000 USD during its original pre-seed round. Some of the companies that invested in the project were MIT Play Labs, Seraph Group and Ethereum Classic Labs.
According to McCrary, most of the users from the company at the moment are from countries like the United States, the United Kingdom, Germany and Venezuela, mostly Western countries with a high crypto adoption.
Initially, only USD will be accepted by the clearinghouse in order to make the transactions, but the company is also ready to add other currencies from Europe and Asia as well. Bitcoin (BTC), Ethereum (ETH) and DAI can be bought with USD, although the company’s clients can hold other assets as well on the wallet. The next integration will be GRAM, the token created by Telegram.
According to the co-founder of Button Wallet, Aleksander Safonov, the company wants to link the wallets to other messaging apps. He has recently started to create one that works with Discord.