Telegram Hits 950M Users, Plans App Store Launch

Telegram, the messaging app, has achieved 950 million active users and aims to surpass 1 billion by year’s end, according to its founder, Pavel Durov, who announced his channel on Monday

Last week, Durov disclosed that the organization intends to introduce an in-app browser and an app store to accommodate web3 pages this month.

Telegram exceeded 900 million users in March. Durov stated in an interview with the Financial Times that the organization aims to return to profitability in the forthcoming year.

Telegram appears to be expediting the adoption of web3 technology on its platform. After its initial coin offering failed in 2018, the company’s efforts to enter the cryptocurrency and blockchain space slowed down.

However, the company has long been a supporter of these initiatives. The corporation initiated the auction of usernames on the TON blockchain in December 2022.

Since then, the organization has concentrated on assisting developers in developing mini-apps and activities that utilize cryptocurrency for transactions.

This year, it initiated the distribution of toncoin, a token on the TON blockchain, to channel proprietors to share ad revenue.

Telegram initiated the conversion of stars to toncoin earlier this month, enabling channel proprietors to purchase ads at reduced rates or trade cryptocurrencies.

Nevertheless, Telegram has been plagued by fraud and swindles for an extended period. According to a report from Kaspersky, fraudsters have been actively promoting various schemes to steal toncoins from users since November 2023.

Durov addressed this issue last week, stating that the company is trying to reduce the prevalence of such schemes.

“Telegram will soon implement a feature that will enable public accounts to display the month of registration and their primary country of origin, similar to Instagram.”

In a message posted on his channel, he also stated that organizations would be permitted to utilize their mini-applications to issue channel labels, thereby establishing a decentralized marketplace for third-party verification.