Telegram to Create Crypto Exchange and Crypto Wallet
There are plans to create decentralized crypto products based on the Telegram messenger. In particular, we are talking about DEX and a non-custodial wallet for storing digital assets.
In a series of tweets, Pavel Durov, the founder of Telegram, criticized the crypto market’s situation due to the collapse of FTX and spoke about the company’s plans to create “fully decentralized applications” to work with cryptocurrencies.
Durov’s initiative is intended to combat the growing centralization of the cryptocurrency sector. According to the Telegram founder, the blockchain industry is in the hands of those who “abuse power,” so users should “go back to their roots” and “switch to trustless transactions and self-hosted wallets.”
Pavel revealed that the Telegram developers are preparing to create a set of decentralized tools for users, including non-custodial wallets and DEX. The initiative will allow “millions of people to safely trade and store cryptocurrencies.” Durov stressed that the initiative is directly related to users’ growing distrust of CEX due to the collapse of the FTX crypto exchange.
Durov noted the inefficiency of legacy platforms, specifically mentioning Ethereum, “which, unfortunately, remains outdated and expensive even after its recent adjustments.” Durov emphasized that the latest technologies must be used to build truly decentralized applications. He said that The Open Network (TON) blockchain will “give power back to the people.”
Recall that the Ethereum network successfully switched to PoS in September of this year. Still, most of the active nodes in the Ethereum network are located on the resources of centralized web providers, which contradicts the principles of decentralization. However, Vitalik Buterin, the co-founder of Ethereum, found a solution by introducing The Scourge phase in the blockchain network roadmap, designed to increase resistance to censorship.
Pavel Durov’s announcement of Telegram’s plans came a few weeks after the launch of the TON-based decentralized platform Fragment, which was created to sell user names in the messenger. According to Durov, $50 million worth of Telegram usernames were sold through Fragment in less than a month. And developers will take TON technology as the basis for building decentralized cryptocurrency products of Telegram.