Dash, the thirteenth largest cryptocurrency, has now been integrated with Telegram, a popular messaging app. This is thanks to the work of Dash Text, a crypto wallet that originally relied on SMS messaging. Now, Dash Text is expanding its availability—but, due to limitations imposed by Facebook and WhatsApp, not nearly as much as it would like.
Dash Text allows users to interact with a chatbot, which they can instruct to send Dash tokens (DASH) to another wallet holder. The simplicity of this approach allows Dash Text to be integrated with apps that don’t support add-ons, and it also means that users can run a crypto wallet on even the simplest mobile devices and apps.
This makes Telegram a natural target for Dash Text. Telegram is especially popular among crypto users, and it is also the second-most popular chat app in Venezuela. Venezuela is, in turn, a hotspot for Dash adoption—Dash is actually more popular than Bitcoin in the country. This expansion will help Dash Text reach its target audience.
Meanwhile, Telegram is pursuing its own crypto goals. Following a troubled ICO in 2018, it is now resuming its plans to build a blockchain. Telegram will also introduce a GRAM token, which users may eventually be able to send via Telegram Messenger. Naturally, this will provide major competition for Dash Text and countless other crypto tools on Telegram.
Dash Text previously intended to integrate its services with WhatsApp, a chat app that is owned by Facebook. Normally, this wouldn’t be an issue, since chatbots like Dash Text are fairly versatile. However, Dash Text will be unable to integrate with WhatsApp. Along with other services like CoinText, Dash Text says that Facebook is blocking their service.
Facebook’s decision to block crypto tools on Messenger and WhatsApp is probably due to the fact that Facebook intends to introduce a stablecoin on WhatsApp later this year. Blocking third-party apps is undoubtedly an effective way of eliminating the competition; however, the scope of the ban is unclear. Of course, this doesn’t affect Dash Text on other platforms.
The Remittances Market
Competition between crypto-integrated mobile apps is intense due to the great potential of the remittances market. Remittance usually involves sending money across borders or sending money between friends and family. Facilitating this is one of Dash Text’s major goals. It will also be a goal for Facebook’s WhatsApp stablecoin, which will be aimed at users in India.
Many basic crypto wallets have struggled to find audiences. However, chat apps and social media are already being used for worldwide communication, and they already have large userbases. As such, many crypto projects are aiming to integrate with existing apps. It is unclear whether this is a viable business model, but competition is nevertheless in full swing.