One of the well-known social media applications Telegram has integrated a new functionality that goes by the name Button Wallet. This functionality implementation allows users to purchase Bitcoin, Ethereum and DAI tokens with any fiat-currencies directly from their accounts.
The Button wallet can be used as a messenger-based platform and was developed back in late 2018 for making payments. This new implementation has lead the wallet team to announce that it has integrated this functionality with the Telegram messenger platform.
With currently more than 100,000 registered users, the platform has been looking into cryptocurrency use cases for some time now.
— BUTTON Wallet (@ButtonWallet) May 29, 2019
According to comments coming from Rachael McCrary, the COO of Button Wallet:
For mass-market adoption of decentralised banking, you need more people. You need to make it easier for people to buy in
Further stating that:
We definitely believe in empowering people to control their own financies in any way they want. We’re just a software company giving people another option
The team is pleased with this new functionality and being able to provide a crypto-to-fiat platform with the Button Wallet as this will open up new frontiers and opportunities.
Telegram’s network developments:
Button wallet is a non-custodial wallet that allows users to be able to exchange and send a variety of different cryptocurrencies in small amounts. This project has received a lot of funding from Ethereum Classic Labs, MIT Play Labs along with other angel investors.
McCrary stated that the crypto wallet has many users from around the U.K., U.S., Indonesia, Germany and Venezuela. The platform will be supporting payments in fiat-currencies, which will then be sent to a clearing house.
Telegram will also be adding the GRAM token upon its launch while pushing for the Button Wallet to be integrated into other messaging platforms. The application is also said to be compatible with Discord, according to the co-founder of Button Wallet Aleksandr Safonov.
The Telegram platform also has some other major goals ahead as it is planning to launch its blockchain network called the Telegram Open Network, which will be launched at around the Q3 of 2019.
Major tech companies are starting to get into the crypto space and will become some of the first companies to use this technology for mainstream financial applications.
Please note, that is not a bit of financial advice, nor the WhaleToBe team’s view