By An application which implements a crypto wallet inside the Telegram application is making it much easier to purchase cryptocurrencies with USD.
Dubbed “Button Wallet”, the app was launched in late 2018 as a messenger-based platform for sending payments via Venmo, a payments service. It has since become integrated with Telegram and currently boasts 100,000 users with 2,000 actively making use of the product.
Button Wallet COO Rachael McCrary stated:
“For mass-market adoption of decentralized banking, you need more people. You need to make it easier for people to buy in.”
The company’s introduction of a groundbreaking fiat-to-crypto functionality comes at a time during which many of the globe’s leading messaging platforms have begun exploring crypto use cases. Facebook’s “GlobalCoin” project is set to focus on payments for its Messenger and Whatsapp services. On the other end, Telegram is reportedly close to the completion of its highly anticipated Telegram Open Network (TON).
Button Wallet’s fiat-to-crypto on-ramp comes courtesy through a partnership with Wyre, a payment processor. Director of institutional sales at Wyre, Jack Jia told the press:
“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.”
Next Steps For Button Wallet:
Currently, Button Wallet is a non-custodial wallet which allows users the ability to quickly exchange and transfer several cryptocurrencies, typically in smaller amounts. The startup was founded last Autumn after a $470,000 pre-seed round via MIT Play Labs, Ethereum Classic Labs, Seraph Group, as well as several angel investors.
McCrary stated that the company has seen a concentration of users from the US, UK, Indonesia, Venezuela and Germany. Upon launch, only USD sent via automated clearing house (ACH) transfer will have support for purchases. The company has announced plans to add fiat currencies from Asia and Europe soon. Currently, Bitcoin, Ether and DAI are the only available cryptocurrencies for purchase with dollars. However, the wallet is capable of storing other assets too.
Furthermore, the team at Button Wallet have stated that it’s ready to add Telegram’s upcoming GRAM token. The startup also announced plans to integrate into other messenger services. At the ETH New York Hackathon which took place recently, Button Wallet co-founder Aleksandr Safonov stated the company developed a wallet which works in Discord.
McCrary stated:
“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.”
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