Telegram founder Pavel Durov has announced that the company will launch various decentralized cryptocurrency products, including a decentralized exchange (DEX) and a non-custodial wallet.
Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges, for millions of people to securely trade and store their cryptocurrencies. In this way, we can fix the problems caused by the current over-centralization.
— Pavel Durov (@durov) November 30, 2022
The CEO said Wednesday that his telegram channel Amid the ongoing crisis following the collapse of the FTX cryptocurrency exchange.
“The blockchain industry was built on the promise of decentralization but ended up being concentrated in the hands of a few who began to abuse their power,” Pavel said.
The Telegram founder believes blockchain-based projects need to return to their roots of decentralization. He recommends switching to self-hosted he wallets and trustless his transactions so that users do not rely on a single entity.
“We developers need to move the blockchain industry away from centralization by building fast, easy-to-use decentralized applications for the masses. Such a project can finally become a reality today. ”
Cryptocurrencies and Telegram have a longstanding friendship
Besides being a popular messaging app for crypto traders, Telegram also allows users to buy and sell cryptocurrencies through an open network (TON).
Additionally, Durov talked about bootstrapping Fragment, a cryptographic infrastructure built on top of TON. It was abandoned in 2020 under regulatory pressure, but was later revived with community support.
“It took five people, including myself, five weeks to build Fragment, a fully decentralized auction platform,” said Pavel Durov. “We were able to do this because Fragment is based on the Open Network (TON), a blockchain platform that is fast and efficient enough to host common applications.”
The Fragment platform has been a success, with USD 50 million in usernames sold in less than a month, according to Durov.
Following in Binance’s footsteps, the TON network recently announced a $126 million “relief fund” to compensate crypto projects damaged by the FTX collapse.