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According to DemandSage, Telegram boasts approximately 950 million monthly active users and has raised over $4 billion since its launch.
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Telegram and the separate, decentralized Open Network have the potential to elevate the messaging platform into an all-encompassing application that includes social media, payments, finance, entertainment, gaming, and communication capabilities — much like China’s popular WeChat app.
According to Gracy Chen, the CEO of exchange and wallet provider Bitget, Telegram’s symbiotic relationship with the independent Open Network and its crypto trading features distinguishes the application from competitors and positions it for massive growth. The CEO told Cointelegraph:
“I think the crypto adoption is definitely something that makes telegram stand out among other social media, and that’s indeed one of the reasons we want to be closer to The Open Network ecosystem.”
The Bitget CEO also cited the meteoric adoption of Telegram in emerging market economies — particularly among young people in Africa as further evidence of the application’s potential to become an everything app used by billions of individuals.
Age distribution of Telegram users. Source: Bitget
Related: Bitget wallet on Telegram hits 6 million users 3 days after launch
Telegram in emerging economies
Chen explained that Nigeria and Egypt boast the most significant Telegram adoption among African countries. The CEO revealed that in Nigeria, approximately 54% of individuals adults aged 16-64 were Telegram users. Egypt followed closely behind Nigeria at 53% penetration, according to Chen.
Chen told Cointelegraph that Telegram’s high adoption rate in African countries was at least partially driven by Telegram’s tap-to-earn mini-games, which have become a focal point of the Telegram ecosystem.
However, the CEO argued “I don’t think that’s sustainable. It’s more of a short-term effect,” and told Cointelegraph that WeChat took a similar approach during its early days to attract and onboard users — who slowly moved away from playing the mini-games but continued to use the messaging application’s financial functions and other core features.
Age distribution of crypto users. Source: Bitget
The Bitget CEO’s assertion is corroborated by the sharp decline of Hamster Kombat players. As of November 5, 2024, the popular Telegram tap-to-earn game lost 86% of its player base after the game’s popularity peaked in July 2024 at over 300 million users.
In October 2024, crypto trading firm and liquidity provider GSR released a report highlighting The Open Network’s potential to drive mainstream adoption of crypto and decentralized finance.
Researchers for GSR likewise argued that the interplay between The Open Network and the Telegram messaging app provides a compelling avenue to onboard the general population to the digital asset ecosystem.
Magazine: We took an ETHSafari to see how crypto is working out in Africa
This article first appeared at Cointelegraph.com News
