Telegram Reaches 950 Million Users, Plans to Launch App Store on the Works

By Jose Resurreccion

Jul 23 2024, 07:30 AM EDT

This photo taken on March 23, 2022 shows the mobile messaging and call service Telegram logo on a smartphone screen in Moscow. AFP via Getty Images

The messaging app Telegram has reached 950 million active users and is expected to have a billion by the end of this year.

TechCrunch reported that Telegram founder Pavel Durov said that the platform would launch an app store and in-app browser that would be able to support web3 pages within this month.

The feat was unprecedented as the platform just reached its 900 million users just in March.

At that time, Durov told the Financial Times that the firm sought to be profitable by 2025.

However, the road to profitability has been marred with scams, specifically involving cryptocurrency.

Telegram Aims to Host Web3, Crypto

It is understood that Telegram has been accelerating its adoption of web3 tech on its platform. It has also been supportive of cryptocurrency and blockchain initiatives but has been slow in implementing it on the platform.

Telegram made an initial coin offering in 2018 but failed, while the company began auctioning usernames on the TON blockchain in December 2022.

In addition, the app has been helping developers build mini-apps and games where cryptocurrencies could be used for transactions.