An application that places a crypto wallet within a Telegram account is making it more convenient to purchase coins with USD.
Introduced in 2018, Button Wallet is a messenger-based platform for sending payments. Presently integrated with Telegram, the firm said it has 100,000 users with 2,000 actively utilizing the product.
“For mass-market adoption of decentralized banking, you need more people,” Button Wallet COO Rachael McCrary noted. “You need to make it easier for people to buy in.”
The new fiat-to-crypto feature comes as some of the leading messaging platforms explore use cases for cryptocurrency. Facebook’s “GlobalCoin” project focuses on payments in the social network’s WhatsApp and Messenger services. Telegram is nearing the completion of its Telegram Open Network (TON).
Button Wallet’s fiat on-ramp started from a collaboration with payment processor Wyre. According to Wyre’s director of institutional sales Jack Jia, they are “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.”
Button Wallet is non-custodial wallet allowing users to send and exchange various digital currencies, often in tiny amounts. The firm was financed last fall with a $470,000 pre-seed round from Seraph Group, Ethereum Classic Labs, MIT Play Labs, and angel investors.
Per McCrary, the firm has witnessed a concentration of users in the UK, US, Germany, Indonesia, and Venezuela. It will initially support USD sent through an automated clearing house (ACH) transfer. It plans to add fiat currencies from Asia and Europe in the future. Ether, DAI, and Bitcoin are the only cryptocurrencies available for purchase with dollars, but the wallet can store some other assets.
Button Wallet also considers plugging into other messaging platforms. It is ready to integrate Telegram’s GRAM token. Moreover, co-founder Alekasndr Safonov revealed that the firm developed a wallet that works in Discord.
“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,” McCrary remarked.