Over 1 Million Telegram Users Embrace Blockchain Wallets: What Does This Mean for the Future of Digital Assets?

Within only 10 days, over 1 million Telegram users have created wallets using HERE, a self-custodial wallet specifically designed for NEAR Protocol.

More than 1 million people joined NEAR Protocol’s self-custodial wallet on Telegram in just 10 days.

By Ruholamin Haqshanas

Last updated: February 15, 2024 03:18 EST | 2 min read

🔍 Source: Adobe / velirina

Introduction

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Over the course of just 10 days, more than 1 million Telegram users have created wallets using HERE, the self-custodial wallet designed for the NEAR Protocol (NEAR). This rapid adoption rate illustrates the growing trend of integrating blockchain technology and digital assets into widely used social media platforms. In this article, we’ll delve deeper into the implications of this milestone and explore the future outlook for cryptocurrencies and decentralized finance.

Wallet Adoption Soars: A Testament to User-Friendly Design

In the first 48 hours of its launch, 300,000 wallets were already created using HERE. NEAR, the company behind the wallet, asserts that it has become the fastest-growing Web3 app to date. The reason behind this remarkable achievement lies in the user-friendly design of the wallet. HERE leverages Telegram usernames as NEAR wallet addresses, eliminating the complexities typically associated with wallet setup. This seamless integration enables users to easily embrace blockchain technology without the usual hurdles.

Superapps Gain Momentum: A Gateway to Wider Adoption

The integration of self-custodial wallets within popular social media platforms like Telegram is part of a larger trend known as Superapps and Everything Apps. By merging the functionalities of traditional messaging apps with blockchain technology, users can effortlessly engage with decentralized finance and digital assets. Telegram, with its massive user base of 800 million, positions itself as a leader by offering convenient and secure cryptocurrency wallet integration. Similarly, Elon Musk, the billionaire behind X, his social media platform, aims to transform it into an “everything app” with features encompassing payments, banking, and more. These Superapps create centralized hubs that open up a world of possibilities and pave the way for wider adoption of cryptocurrencies.

Kraken’s Gold Standard for Self-Custodial Wallets

Crypto exchange Kraken has recently mandated its UK users to verify their self-custodial wallets in compliance with UK regulations. This move highlights the increasing importance of self-custodial wallets in the cryptocurrency landscape. In an email shared by Van Straten, Kraken’s request includes confirming ownership or control of self-custodial wallets and providing information about external wallets and associated residential addresses. While regulations may create additional hurdles, they also contribute to a more secure and regulated environment for cryptocurrency transactions.

Q&A: Addressing Readers’ Concerns

Q: Are self-custodial wallets secure?

A: Yes, self-custodial wallets provide users with full control and ownership over their digital assets. However, it’s important to follow best practices such as using strong passwords and enabling two-factor authentication to enhance security further.

Q: Can I use a self-custodial wallet with any cryptocurrency?

A: In most cases, self-custodial wallets are compatible with various cryptocurrencies. However, it’s essential to check the wallet’s specifications to ensure compatibility with your desired cryptocurrencies.

Q: What are the benefits of using Superapps for managing digital assets?

A: Superapps offer a one-stop solution for managing digital assets, enabling users to seamlessly access decentralized finance, make payments, and even engage in banking services, all within a single platform. This convenience and integration streamline the user experience and encourage wider adoption of cryptocurrencies.

The Future of Digital Assets: What Lies Ahead?

As Superapps and Everything Apps continue to shape the digital landscape, the ability to manage crypto assets within these platforms opens new opportunities for individuals seeking to explore and embrace the world of cryptocurrencies. The integration of blockchain technology into widely used social media platforms exemplifies a paradigm shift towards mainstream adoption and usability. The rapid adoption of HERE by over 1 million Telegram users showcases the growing demand for user-friendly self-custodial wallets. Looking ahead, we can anticipate further advancements in Superapps and a surge in user-friendly blockchain solutions, democratizing access to digital assets and revolutionizing the financial landscape.

Reference List

1. NEAR Protocol Going to Zero? NEAR Price Drops 13% as Novel Mining Protocol Secures $78 Million
2. Verify Your Self-Custodial Wallets to Comply With UK Regulations
3. Google Trends – Crypto Wallet Search Trends

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