Telegram, a go-to messaging app for many crypto traders, is planning to build a set of decentralized tools, including a decentralized exchange and non-custodial wallets, that will allow millions of users to safely trade their crypto, according to founder Pavel Durov via his Telegram channel on Nov. 30.
This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,
said Durov.
The announcement comes just weeks after Fragment, a decentralized auction platform for unique usernames, was launched by Telegram. Fragment has sold $50 million in usernames in less than a month, according to Durov.
The figure reflects the success of Telegram’s second attempt at building its own crypto infrastructure. Fragment is built on top of the Telegram Open Network, a blockchain Durov abandoned in 2020 due to regulatory pressure but later returned to after its community managed to keep it afloat.
Durov, rallying the developer community, called for the industry to return to decentralized applications and away from having to rely on third parties. He claimed that reliance on centralized entities caused many people to lose money in FTX’s bankruptcy at “the hands of a few who began to abuse their power.”
Furthermore, Durov urged blockchain developers to create products that are simple to use for the wider populace. Notably, he criticized Ethereum (ETH), claiming that it “remains outdated and expensive even after its recent tweaks.”
The time when the inefficiencies of legacy platforms justified centralization should be long gone. 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,
he added.
TON network backers announced a “rescue fund” with a soft commitment of $126 million earlier Wednesday to support projects experiencing liquidity issues due to the FTX fallout.
Telegram has been active in the crypto space with several products. According to a tweet from the TON (Telegram Open Network) Foundation in April, it had added support for cryptocurrency payments. On Telegram, the TON token can be used to make cryptocurrency payments.
