Telegram, renowned as the third most downloaded messaging app globally, may be the catalyst for reaching the milestone of the first billion cryptocurrency users. Ruslan Fakhrutdinov, founder and CEO of the X10 hybrid crypto exchange, believes that Telegram’s vast user base and low user acquisition costs present a significant opportunity for mainstream crypto adoption.
The potential of Telegram to integrate cryptocurrency into everyday communications could revolutionize how new users are introduced to the digital asset space. Fakhrutdinov shared with Cointelegraph, “Telegram is currently one of the hottest platforms in the crypto world. With one billion users and the lowest user acquisition cost, it can quickly and affordably onboard new users into crypto.”
X10 Exchange and Telegram Integration
X10 exchange, which recently launched on the mainnet, plans to enhance user engagement by developing a Telegram-based Mini App. This app is designed to simplify digital asset trading, particularly for new retail investors who may be overwhelmed by more complex platforms.
Justin Hyun, Director of Investments at the Ton Foundation, referred to Telegram as a “Trojan horse” for mass blockchain adoption. He emphasized the importance of creating applications with “actual usability” to attract the next 500 million users. Hyun outlined the strategy, stating, “Bringing 500 million people onchain by 2028 — which is our goal — is going to require use cases that interact with the blockchain without the user knowing that in the front end.”
Web3 Incentives and User Engagement
Some Telegram Mini Apps are set to offer Web3-specific financial incentives, which could further encourage user participation and investment in the crypto market. These incentives aim to not only attract users but also to retain them by offering tangible benefits for their engagement.
While the integration of crypto trading into Telegram presents numerous opportunities, it also comes with challenges. These include ensuring user security, managing regulatory compliance, and maintaining the performance of trading platforms amidst potentially high traffic.
| Feature | Details |
|---|---|
| User Base | 1 billion users globally |
| Crypto Integration | Launch of Telegram Mini App for trading |
| Strategic Advantage | Low user acquisition cost, high engagement potential |
| Adoption Goal | 500 million new users onchain by 2028 |
Telegram’s move to facilitate easier access to cryptocurrency trading through a user-friendly Mini App could significantly alter the landscape of crypto adoption. By reducing the complexity and enhancing the accessibility of crypto trading, Telegram is well-positioned to lead a major shift towards widespread digital asset acceptance. This strategic initiative not only aims to simplify the user experience but also strives to integrate cryptocurrency into the daily digital interactions of millions, potentially paving the way for the first billion cryptocurrency users.
Featured image credit: Marco Verch via CCNull
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