In the words of Pavel Durov, “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 cryptocurrencies.”
Pavel Durov, the Founder and CEO of Telegram, announced his plans to build a decentralized crypto exchange and non-custodial wallets as a response to FTX's collapse.
Pointing to the recent events surrounding FTX, Durov warned that the blockchain industry has become centralized. He noted the FTX fiasco occurred because a select number of individuals held influence over the crypto industry.
To prevent excessive centralization of the crypto ecosystem, Telegram will build a set of decentralized tools. According to him, creating easy-to-use decentralized applications will help “fix the wrongs caused by the current excessive centralization.”
A few weeks ago, Telegram launched Fragment, a blockchain-based exchange, to allow its clients to auction usernames. The CEO of Telegram referenced the success of Fragment in his tweets. He also stated that the platform sold usernames worth more than $50M within a month and expressed his confidence in Telegram's latest venture.
"With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people."
Following this announcement, Toncoin, the native token of Telegram Open Network (TON), witnessed a surge in prices. Toncoin is currently valued at $1.84, up by 7.43% within the last 24 hours.
