Telegram plans to provide a cryptocurrency exchange and decentralized wallets.
Telegram, a worldwide reachable cross-platform,cloud-based, encrypted, and centralized instant texting service is set to launch cryptocurrency tools. Its consists of non-custodial wallets and decentralized wallets.
Pavel Durov, the Owner of Telegram, Says that “blockchain-based tasks should go back to their basics-decentralization.
Read More: https://cryptoweir.com/beginners-guide-to-bitcoin-wallets/
The news was broken out on 30th Nov by the Ceo of Telegram, Pavel Durov, on his Telegram channel, Stating:
“The Next step of Telegram is to make a set of decentralized tools containing non-custodial wallets and DEX for millions of people to trade and store crypto safely. This way, we can fix the problems caused by too much centralization, which hurts hundreds of thousands of people who use cryptocurrency.”
The Telegram founder indicated that the effort was conceived in response to the demise of FTX. The individual emphasized that the blockchain sector must return to decentralization.
“The solution is obvious: blockchain-based projects must return to their decentralized roots.” Users of cryptocurrencies should adopt trustless transactions and self-hosted wallets that do not depend on a single third party.
In addition, in the release, Pavel Durov warned that individuals who “abuse power had taken over the industry. Consequently, many lost money when FTX, one of the largest exchanges, declared bankruptcy.”
Notably, Telegram launched a decentralized username auction market called Fragment a week ago. There was an issue in the auction on The Open Network’s layer-1 blockchain (TON). Durov revealed in a Telegram chat that Fragment had sold usernames worth approximately $50 million.
Read More: https://cryptoweir.com/how-does-a-crypto-exchange-work/
In addition, Durov noted that the development of Fragment required only five weeks and five individuals, and this week Fragment expanded beyond usernames.
Telegram announced The Open Network and its native token, Toncoin, in May 2020. (TONCOIN). At the time of writing, Toncoin (TONCOIN) costs $1.80, representing a rise of 3.96% over the past 24 hours.
