Telegram-Based Button Wallet Allows Fiat Purchases
Button Wallet has created an app that has put a cryptocurrency wallet in users’ Telegram accounts. And now, it will allow its wallet users to buy digital assets using fiat currencies.
The wallet services provider was launched in late 2018, and started out as a messenger-based platform focused on sending payments, similar to Venmo. However, the company then integrated wallet with Telegram. At this time, the company has about 100,000 users, of which 2,000 actively use the product.
Making it Easier to Access Cryptos
With this integration, Button Wallet is looking at making it easier for its users to get access to cryptocurrencies through its service. To this end, Button Wallet has entered into a partnership with payment processor Wyre, so that its users will be able to buy cryptocurrencies using US dollars.
At this point, only Bitcoin (BTC), Ether (ETH) and Dai (DAI) can be bought with US dollars, however, the wallet itself can store several other cryptocurrencies.
Jack Jia, the director of institutional sales at Wyre, stated that his company was focusing on lowering barriers to entry into the fiat currency world for cryptocurrency platforms by offering them ports that were completely compliant with regulations.
Jia said that it was a major achievement on the part of Button Wallet that the company was assisting users who were already familiar with Telegram to buy cryptocurrencies and self-custody funds easily just by using the messenger app.
The COO of Button Wallet, Rachael McCrary also commented that decentralized banking to see mass market adoption, more users were needed. Therefore, it was necessary to make it easier for people to buy cryptocurrencies.
Taking the Next Steps
Button Wallet’s non-custodial wallet allows users to send as well as exchange small amounts of cryptocurrencies via that Telegram messaging platform. The company was funded late last year with a pro-seed round amounting to $470,000 from MIT Play Labs, Seraph Group, Ethereum Classic Labs as well as other angel investors.
With regard to their wallet usage, McCrory states that Button Wallet has observed a concentration of users in the United States, the United Kingdom, Venezuela, Indonesia and Germany. However, in the beginning only US dollars transferred through an ACH (automated clearing house) will be supported for users wanting to buy cryptocurrencies.
The company also stated that it was looking to expand to offering European and Asian fiat currencies in the near future.
After that, Button Wallet is looking to integrate Telegram’s upcoming native token, GRAM, onto its platform. The company is also planning to integrate its wallet services into other messaging platforms.