Telegram wants to build a crypto wallet and DEX exchange project

Telegram wants to build a crypto wallet and DEX exchange project

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2022-12-03 03:08:41

With the ambition to penetrate deeper into the field of cryptocurrency, the familiar messaging application of crypto players – Telegram – is intending to be a crypto wallet and DEX exchange.

Telegram Founder and Director – Pavel Durov

In a personal statement, Telegram founder and CEO, Pavel Durov, said that he will build a non-custodial crypto wallet and DEX exchange towards decentralization for crypto users.

From the chain collapse of the CEX FTX exchange, leading to many negative consequences for the crypto industry, Durov believes that decentralization should be the core of the cryptocurrency industry, but in the end it was rejected. centralized in the hands of the few.

The most obvious solution – according to Telegram’s CEO – is for crypto to return to its decentralized nature. Solutions from third parties need to be limited to avoid monopolies like current exchanges. Mr. Durov thinks this is possible and calls on other developers in the industry to create more decentralized financial products.

Mr. Durov is confident that Telegram can easily provide these products, and it took him and 4 other colleagues only 5 weeks to complete Fragment – the Telegram username auction platform running on TON. Pavel Durov claims Fragment is an unexpected success, reaching a transaction volume of up to 50 million USD after just one month of launch.

Accordingly, Telegram will aim to build a non-custodial cryptocurrency wallet application and a decentralized exchange (DEX) in the near future. Applications will run on The Open Network (TON) – the private blockchain created by the Telegram community. TON was in the past an initiative initiated by Telegram itself, but was ordered by the US Securities and Exchange Commission (SEC) to shut down. Since then, the project has been transferred to the community.

On November 30, the TON Foundation, the organization behind the TON blockchain, said it would set aside $126 million as a crypto market relief fund to attract more projects to TON. The value of TONcoin of TON is increasing slightly at the time of writing because of the above positive information.

Toncoin price as of December 2, 2022

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