A decentralised exchange and a non-custodial wallet are just two of the decentralised cryptocurrency offerings that CEO Pavel Durov announced Telegram would introduce.
The founder of Telegram, Pavel Durov, stated that the firm would introduce a number of decentralised cryptocurrency solutions, including a non-custodial wallet and a decentralised exchange (DEX).
In the midst of the ongoing turmoil following the failure of the cryptocurrency exchange FTX, the CEO made the news on Wednesday via his Telegram channel.
The blockchain sector was founded on the promise of decentralisation, but Pavel claimed that it ultimately became centralised in the hands of a select few who started abusing their authority.
The creator of Telegram thinks blockchain-based projects need to get back to being decentralised. In order to avoid relying on a single entity, he advises users to migrate to self-hosted wallets and trustless transactions.
“As developers, it is our responsibility to steer the blockchain sector away from centralization by creating user-friendly, quick-to-use decentralised applications. Today, such endeavours are at last viable.
Telegram And Cryptocurrency Have A Long-Standing Relationship
In addition to being a well-liked messaging platform for cryptocurrency traders, Telegram also enables users to exchange cryptocurrencies via The Open Network (TON).
Durov also discussed bootstrapping Fragment, the crypto infrastructure he built on top of the TON but later abandoned because to regulatory pressure in 2020 before reviving it with help from the community.
Pavel Durov said that it only took five weeks and five people, including himself, to assemble Fragment, a completely decentralised auction platform. Because Fragment is built on The Open Network, or TON, a blockchain platform quick and effective enough to host popular applications, we were able to accomplish this.
According to Durov, the Fragment platform has been successful, selling 50 million USD in usernames in less than a month.
The TON network, following in Binance’s footsteps, recently unveiled a $126 million “rescue fund” to reimburse cryptocurrency projects that suffered as a result of FTX’s demise.