The Button Wallet app puts a cryptocurrency wallet inside your Telegram account is making it easier to buy coins with U.S. dollars.
Button Wallet launched in 2018 as a messenger-based platform for sending payments. According to Coindesk, Button has 100,000 users with 2,000 actively using the product.
The Company’s COO, Rachael McCrary said, “For mass-market adoption of decentralized banking, you need more people. You need to make it easier for people to buy in.”
The announcement comes at the same time as other messaging platforms, most notably Facebook, explore uses for crytpocurrencies. Facebook, for example, purportedly plans to focus on using its Globalcoin for payments on its Messenger and Whatsapp services. And Telegram is supposedly nearing completion of its hotly anticipated Telegram Open Network (TON) as revealed a few days ago.
Button Wallet’s fiat on-ramp stems from a partnership with payment processor Wyre. Jack Jia, Wyre’s director of institutional sales, told CoinDesk via email: “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.”
The Button Wallet is non-custodial. It simply allows users to send and exchange a number of cryptocurrencies, usually in small amounts.
McCrary says the company has seen a concentration of users in the USA,UK, Indonesia, Venezuela and Germany. Currently, only U.S. dollars sent via an automated clearing house (ACH) transfer are supported for purchases,but there are plans to add European and Asian fiat currencies soon. It is also planning to add Telegram’s upcoming GRAM token to its basket of cryptocurrencies, as well as plug in the Button Wallet to other messaging platforms.
McCrary said, “We definitely believe in empowering people to control their own finances in any way they want.”