TelegramDubai-headquartered investment platform, The Open Platform (TOP), has announced the global expansion of the Wallet crypto bot, available on the popular messaging app Telegram. This move is aimed at making cryptocurrency trading more accessible to users in developing markets, with initial availability in Colombia, South Africa, and Kenya.
Wallet, a third-party Telegram bot, enables users to easily buy and sell cryptocurrencies. Previously, users had to search for the bot manually by typing “@Wallet” on Telegram. However, the recent update now allows users in the mentioned countries to find Wallet directly in the Telegram settings menu. This user-friendly approach aims to encourage even those with limited knowledge of cryptocurrency to start trading.
In addition to the default custodial wallet, Wallet offers a self-custody crypto solution called TON Space. With this sub-wallet, users can engage in decentralized swaps within TON Space and transfer nonfungible tokens (NFTs), all within the confines of their self-custody wallet. This feature caters to users seeking more control and security over their cryptocurrency assets.
Telegram’s wallet crypto bot Targets developing markets
TOP has strategically chosen to initiate the Wallet global rollout in developing markets, recognizing the growing demand for accessible financial tools in these regions. A spokesperson for TOP emphasized the significance of these markets, stating,
“Our main focus is on developing markets where the lack of accessible financial tools has generated an organic demand for crypto assets.”
Telegram boasts a substantial user base in the regions where Wallet is initially launching. According to data from World Population Review, there are approximately 4.49 million Telegram users in Colombia as of 2023. Statista data also indicates that around 50% of internet users in Kenya and South Africa were using Telegram as of Q3 2022.
The TOP spokesperson emphasized the importance of Telegram’s active user base, particularly in countries like Nigeria, Kenya, and Colombia, which also exhibit a relatively high rate of crypto adoption. This strategic decision aligns Wallet’s expansion with regions where cryptocurrency usage is on the rise.
The choice to launch Wallet in smaller countries first is part of TOP’s strategic approach. The company aims to fine-tune and scale both the operational and technical aspects of the product gradually. This measured rollout allows them to efficiently meet the increasing demand as the expansion continues.
With the rising popularity of cryptocurrency and Telegram’s extensive user base, this expansion sets the stage for further adoption and innovation in the cryptocurrency space. As Wallet gains traction in these regions, it is likely to pave the way for additional developments and services, making cryptocurrency more accessible than ever before.
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