Telegram is becoming a one-stop app like China’s WeChat — Bitgate CEO.
Telegram and its separate decentralized open network have the potential to grow the messaging platform into a comprehensive app that includes social media, payments, finance, entertainment, gaming and communication capabilities — much like China's popular WeChat app.
Gracie Chen, CEO of exchange and wallet provider BitGate, said Telegram's symbiotic relationship with an independent open network and its crypto trading features set the app apart from competitors and set it up for significant growth. The CEO told Cointelegraph:
“I think crypto adoption is definitely something that makes Telegram stand out from other social networks, and that's one of the reasons why we really want to move closer to the open network ecosystem.”
BitGate's CEO cited Telegram's meteoric adoption in emerging market economies — particularly among young Africans — as further evidence that the app has the potential to become an all-in-one app used by billions of individuals.
Age distribution of Telegram users. Source: Bitgate.
Related: Bitget Wallet on Telegram Reaches 6 Million Users 3 Days After Launch
Telegram in developing economies
According to Chen, Nigeria and Egypt are the most significant adopters of Telegram in African countries. The CEO said 54% of individuals in Nigeria aged 16-64 were Telegram users. According to Chen, Egypt follows Nigeria at 53%.
Chen told Cointelegraph that Telegram's high adoption rate in African countries is at least partly due to Telegram's tap-to-get mini-games, which have become a focal point of the Telegram ecosystem.
However, the CEO said, “I don't think this is sustainable. It's more of a short-term effect,” and he told Cointelegraph that WeChat used the same method in the past to attract and onboard users – they gradually moved away from playing the game. Mini-games, however, continue to use the messaging app's financial functions and other core features.
Age distribution of crypto users. Source: Bitgate.
Bitgate's CEO is convinced that Hamster Kombat players are a huge failure. In the year In the year As of November 5, 2024, the popular Telegram tap-getting game has lost 86% of its player base since the game's popularity peaked at over 300 million users in July 2024.
In the year In October 2024, crypto trading company and liquidity provider GSR released a report showing the Open Network's potential to drive mainstream adoption of crypto and decentralized finance.
GSR researchers similarly argue that the interaction between the Open Network and the Telegram messaging app provides a compelling way for the general public to enter the digital asset ecosystem.
Magazine: We took ETSafari to see how crypto works in Africa.
