Telegram, with nearly 950 million active users, is poised to become an all-inclusive app, encompassing various features from social media, entertainment and finance to gaming. Its potential trajectory mirrors that of China’s versatile app, WeChat, powered by the messaging platform’s symbiotic relationship with the independent Open Network and innovative crypto trading features.
Bitget CEO, Gracy Chen, believes that Telegram stands out from the crowd because of its cryptocurrency adoption. She pointed to the app’s storming popularity in emerging market economies, particularly in Africa, as proof of its potential to evolve into a universally popular “everything app.” In Nigeria and Egypt alone, Telegram boasts substantial usage penetration among adults aged 16-64, at 54% and 53%, respectively.
One of the critical driving forces behind Telegram’s surging popularity in these markets lies in its tap-to-earn mini-games. However, critics like Chen warn that the reliance on these games for user engagement might not be sustainable. Comparing it with the early strategy of WeChat, Chen highlighted that users may gradually move away from these games but continue to engage with the extensive financial functions and other core features provided by the app.
Incorporating findings from a recent report released by crypto trading firm GSR, the correlation between The Open Network and Telegram presents a persuasive path to mainstream crypto and decentralized finance adoption. This interaction could potentially open up the gates for the general population to the digital asset ecosystem.