Pavel Durov, the founder of Telegram, has revealed that the messaging service intends to launch decentralized cryptocurrency products in the near future. These products will include the launch of a cryptocurrency exchange as well as non-custodial wallets.
Telegram DEX In The Making
Following the collapse of the FTX exchange, the CEO stated on November 30 that the new venture will attempt to correct the existing centralization of cryptocurrency entities. This is something that, according to Durov, has let down millions of users. Durov made this statement on his personal Telegram channel.
The Telegram founder pointed out that the fact that the FTX incident occurred is not surprising because in today’s market a small number of people hold a significant amount of influence.
“We, developers, should steer the blockchain industry away from centralization by building fast and easy-to-use decentralized applications for the masses. Such projects are finally feasible today.”
With further disappointment, Durov stated that the present environment of blockchain technology had strayed from the core idea of its inception, which was to encourage decentralization.
Telegram’s Crypto Success
According to Durov, it took just 5 weeks and 5 people including himself to put together Fragment which is a fully decentralized auction platform.
And that, they were able to do so, because Fragment is based on The Open Network, or TON, “a blockchain platform that is fast and efficient enough to host popular applications”.
The FTX Fiasco
The story doesn’t end with FTX filing for bankruptcy proceedings. Earlier this month, a hacker gained access to the Bahamas-based cryptocurrency exchange FTX and stole almost $400 million worth of cryptocurrencies.
Read More: Over $600 Million Transferred Out Of Wallets Following FTX Hack
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