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A bitcoin exchange and non-custodial wallet will debut on Telegram.

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 A bitcoin exchange and non-custodial wallet will debut on Telegram.


The founder of Telegram, Pavel Durov, has stated that the messaging app plans to launch a suite of decentralized cryptocurrency products, including a decentralized crypto exchange (DEX) and non-custodial wallet, amidst the ongoing fallout from the collapse of the cryptocurrency exchange FTX.

"The blockchain business was established on the promise of decentralization, but ended up being concentrated in the hands of a few who began to misuse their power," Durov said in a statement shared on his official Telegram channel on Wednesday. 

In his opening paragraph, he made a direct allusion to FTX and said that "a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt."

More than anything, Durov believes that the year's happenings have shown that the crypto industry as a whole needs to get back to its decentralized beginnings. 

"The answer is simple: blockchain-based projects need to return to their decentralized origins. Users of cryptocurrencies should migrate to self-hosted wallets and transactions that are not trusted by any single third party, he advised. 

Durov urged developers to help guide the blockchain industry away from centralization "by designing fast and easy-to-use decentralized applications for the public," which he claimed are now practicable, in order to spur change on this issue.

The CEO cited the recent development of Fragment, which "took only 5 weeks and 5 people" to complete. Fragment is a fully decentralized auction platform that runs on The Open Network (TON). 

With 50 million USD worth of identities sold there in less than a month, Fragment has "been an unbelievable success," according to Durov. "Fragment will go beyond usernames this week," 

Building on this trend, Telegram has announced intentions to introduce new tools that would aid in the decentralization of the cryptocurrency industry.

The next stage for Telegram is to create a collection of decentralized tools, including as non-custodial wallets and decentralized exchanges, to enable millions of users to securely exchange and store bitcoins. The extreme centralization that let down hundreds of thousands of cryptocurrency users may be corrected in this way, he said. 

Durov declared that it is important to do rid of centralization and the inefficiencies of legacy platforms, adding that innovations like TON have the ability to "return power to the people."

This is not Telegram's first venture into the cryptocurrency space; in May 2020, the platform introduced The Open Network and its native Toncoin (TON) token. The U.S. Securities and Exchange Commission sued the platform for making an unregistered selling of digital tokens, and Telegram was ordered to repay investors more than $1.2 billion in addition to paying a $18.5 million civil penalty. This put a big halt to the project. 

As of this writing, Toncoin (TON) is trading at $1.83, up 6.11% from the previous day as a result of Durov's announcement.

Article Credit: Kitco.com

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