Telegram-integrated crypto wallet announces support for fiat purchases

29 May, 2019
by David Borman
Telegram-integrated crypto wallet announces support for fiat purchases

It has just been reported by Coindesk that Button Wallet, a platform for sending/storing crypto payments through Telegram, is integrating the ability to purchase select coins using fiat, essentially creating a new on-ramp for users into the digital asset space.

Button Wallet has been around since late last year and has supported a variety of cryptocurrencies for storage/transfer through the popular messaging app, Telegram. According to the company, it currently boasts 100,000 users of which 2,000 are active.

Now it wants to make it even easier for users to get access to crypto using their service. To that end, the team behind Button Wallet has partnered with Wyre, a payment processor, to allow for purchases of crypto using US dollars, with plans to add more fiat currencies soon. Also, despite supporting many different coins, initially users will only be able to use fiat to buy Bitcoin, Ethereum and DAI, though again, more should be included in time.

Wyre’s director of institutional sales, Jack Jia, is quoted in the article:

"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."

With any luck, this will be a convenient new way for users of Telegram to further integrate crypto payments into their lives. Will it catch on? Stick with Chepicap for all updates!

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