The Telegram bot has garnered significant attention within the previously quiet market. This narrative gained prominence as people illuminated its presence, engaged in extensive discussions on Crypto Twitter (now rebranded to X), and were drawn in by its surging token value and impressive performance in the secondary market.
According to research conducted by Binance, the cumulative trading volume over the lifetime of the Telegram bot has exceeded $190 million by the beginning of August, hitting a record high in July with daily volumes surpassing $10 million. Tokens like $UNIBOT and $MEVFREE represented the forefront of this trend, experiencing significant increases in value. Despite the overall track having seen a substantial fallback, the market capitalization of the Telegram bot had already reached $166 million by early September.
One of the key drivers behind the success of the Telegram bot narrative is its ability to provide an accessible entry point for a large number of individuals new to the world of cryptocurrency, making it a valuable complement to the world of DeFi.
The average Telegram bot offers functionalities such as cryptocurrency trading (buying and selling), copy trading (automated trading based on others’ actions), airdrop farming (increasing the chances of receiving airdrops), and other features catering to the fundamental needs of users. Additionally, the user interface of the Telegram bot is notably more user-friendly than that of DeFi platforms, making it easier and more cost-effective for users to learn about cryptocurrencies and participate in related activities. The vast user base of over 800 million monthly active users on Telegram opens up exciting possibilities for the growth of the Telegram bot and, in turn, the expansion of the cryptocurrency market.
Two notable aspects stand out in this context: Telegram bots may hold promise for facilitating widespread cryptocurrency adoption, and the market has clearly demonstrated a substantial demand for users to explore the functionalities of these bots. Alchemy Pay has recognized and captured this need and trend, incorporating the launch of the Alchemy Pay bot into its second half year roadmap in August.
As an integral part of the Alchemy Pay product suite, the Alchemy Pay bot isn’t a standalone product but rather an extension that seamlessly connects and integrates both existing and newly introduced features of the Alchemy Pay product. Moreover, while most bots on the market are customized for the needs of individual users, the Alchemy Pay bot aims to be a community management tool while meeting the needs of individual users.
By harnessing the capabilities of Alchemy Pay’s On and Off-Ramp, the Alchemy Pay Telegram bot enables users to directly recharge their crypto using fiat in Telegram. Its highly customizable crypto card solution for businesses allows their users to manage virtual crypto cards and recharge tokens within Alchemy Pay’s bot. Functioning as a simplified wallet, it facilitates token swapping and the distribution of red packets within groups using a variety of mainstream and personalized tokens, thereby enhancing community engagement as an add-on operation tool.
The anticipated launch of the Alchemy Pay Bot is scheduled for the third quarter of 2023. At present, Alchemy Pay has achieved extensive integration with renowned payment processors, local e-wallets, and domestic bank transfers, establishing a comprehensive payment network that spans 173 countries and offers an impressive selection of 300+ fiat payment channels. Since these emerging telegram bots that just operate for a short period of time, the potential risk of asset security, telegram hack and the smart contract attack still remains a problem. But Alchemy Pay’s outstanding and robust product suite acts as a strong back for its own telegram bot.
With its proven track record of payment capabilities, both Visa and Mastercard have officially recognized Alchemy Pay as a third-party payment service provider. In a demonstration of its commitment to bridging the gap between fiat and cryptocurrencies and promoting crypto adoption, Alchemy Pay has applied for and obtained multiple licenses in various countries and regions, including the United States, Canada, Indonesia, and Lithuania. Beyond following the trend of so-called “Telegram bot narrative”, Alchemy Pay remains dedicated to enhancing its product offerings to better cater to user needs and aims to expand its utility across a wider range of scenarios.
About Alchemy Pay
Founded in Singapore in 2017, Alchemy Pay is a payment gateway that seamlessly connects crypto with traditional fiat currencies for businesses, developers, and end users. With its On & Off-Ramp solution, NFT Checkout, Crypto Card and Crypto Payments, Alchemy Pay supports payments in 173 countries.
The Ramp is a one-stop solution to buy and sell crypto and fiat, easily integrated by platforms and dApps according to requirements. The NFT Checkout enables direct purchases of NFTs using fiat payment methods. The Crypto Card solution empowers businesses and token issuers to provide users with branded virtual and physical cards for instant global spending. ACH is the Alchemy Pay network token on Ethereum and BNB Chain.
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