Button Wallet, which launched at the end of 2018, has announced that it has already surpassed 100,000 users.
The Moscow and Los Angeles-based start-up has seen a rapid rise in popularity in just a few months, underlining the growth in messenger apps.
Button, which has also now added fiat capability to its app, comes pre-installed on Telegram, allowing users fast access to trade standard currency and an array of cryptocurrencies.
Users can trade BTC, BCH, ETH, ETC, LTC, Waves, Dai, and ERC-20 tokens within the app without incurring external fees.
Its rise is also reflective of a growing desire for wallets that do not store any user information, passwords, or QR codes.
Confusing processes
Alex Safonov, Button’s CEO, said Telegram allowed users to have better and easier-to-understand access to the crypto world without going through confusing processes.
“Global digital transactions are projected to top $6 trillion by 2022, making international e-commerce greater than the GDP of Japan,” he explained.
CEO Alex Safonov with some of the Button team
“Cryptocurrency in particular holds tremendous potential, as long as existing pain points can be remedied.
“Too often, buying cryptocurrency can be confusing for users. Sometimes it can take up to three weeks to be verified for a new user to purchase crypto with fiat within the US.
“By placing our wallet directly in the popular Telegram app – something we think all finance apps will do in the next two or three years – we believe we can help more people enjoy the benefits of cryptocurrency and decentralisation.”
Button, with its headquarters spanning Russia and the US, was developed by a team of hackers who are passionate about blockchain technology. The Button team was part of the most recent cohort of the Silicon Valley incubator ETC Labs and graduated from accelerators MIT Play Labs and StartupBoost LA.
The team have also won 15 engineering awards and hackathons, including ETHSanFrancisco, ETHSingapore and, most recently, ETHDenver, where they received five awards.
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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.