Telegram could onboard the first billion cryptocurrency users — X10 CEO

The popular messaging app Telegram could be the key to reaching the first billion cryptocurrency users.

Telegram, currently the third most downloaded messaging app in the world, could play a significant role in bringing new mainstream users into the cryptocurrency space, according to Ruslan Fakhrutdinov, the founder and CEO of X10 hybrid crypto exchange.

He told Cointelegraph:

“Telegram is currently one of the hottest platforms in the crypto world. With 1 billion users and the lowest user acquisition cost, it can quickly and affordably onboard new users into crypto.”

X10 exchange has recently launched on mainnet and outlined plans to develop a Telegram-based mini app for more intuitive digital asset trading, targeted mainly towards new retail investors.

Telegram-based crypto trading could attract the first billion mainstream adopters

The Telegram-based mini app for trading is not dedicated to sophisticated investors looking for cutting-edge technical indicators.

However, the trading app may bolster retail user adoption due to its simple onboarding and user experience, added Fakhrutdinov:

“As we aim for 1 billion users in crypto adoption, it makes sense to reserve the more complex trading platforms for the seasoned crypto audience. Meanwhile, the general audience may find greater benefits within this familiar ecosystem.”

The mini app will include all the markets available on the X10 exchange and use the same order book to handle trades.

Telegram is a Trojan horse for mass crypto adoption

Telegram could be a “Trojan horse” for mass blockchain adoption, according to Justin Hyun, Ton Foundation’s director of investments.

Hyun believes that onboarding the next 500 million users will require simple apps with “actual usability,” like blockchain-based Telegram mini apps.

Speaking exclusively to Cointelegraph, Hyun said that abstracting complexity away from users would also prove crucial in their aim to onboard half a billion users:

“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.”

Some Telegram Mini Apps will also offer Web3-specific financial incentives for users, Hyun told Cointelegraph.