Telegram, the messaging app, might be crypto's golden ticket. It's currently the world's third most downloaded messaging platform. And it could be the key to unlocking mainstream crypto adoption.
That's according to Ruslan Fakhrutdinov, boss of X10 hybrid crypto exchange. He's pretty bullish on Telegram's potential.
"Telegram is hot stuff in the crypto world right now," Fakhrutdinov told Cointelegraph. "With a billion users and cheap acquisition costs, it's a no-brainer for onboarding new crypto users."
X10 has just gone live on mainnet. They're cooking up a Telegram-based Mini App for crypto trading. It's aimed at newbie retail investors.
The app will mirror X10's markets. It'll use the same order book for trades.
Justin Hyun, investment director at Ton Foundation, sees Telegram as a "Trojan horse" for mass blockchain adoption. He's not mincing words.
Hyun reckons onboarding the next 500 million users needs simple apps with "actual usability". He's talking about blockchain-based Telegram Mini Apps.
In an exclusive chat with Cointelegraph, Hyun stressed the importance of user-friendly interfaces. "Bringing 500 million people onchain by 2028 – our goal – needs use cases that hide the blockchain complexity," he said.
Some Telegram Mini Apps will offer Web3 financial perks, Hyun added. It's a sweetener to attract users.
The move could be a game-changer. Telegram's massive user base provides a ready-made audience for crypto services.
Industry watchers are keeping tabs on this development. If successful, it could reshape the crypto landscape.
The potential is enormous. But challenges remain. Regulatory hurdles and user education are key issues to address.
Still, the buzz is real. Telegram's entry into the crypto space could be the shake-up the industry needs.