- Telegram plans to build non-custodial wallets and DEX.
- A fragment has sold $50 million in usernames in less than a month.
Pavel Durov, the founder of the messaging app Telegram, revealed on November 30 through his Telegram channel that they are all set to build a collection of crypto tools. It includes non-custodial wallets and decentralized exchanges (DEX).
Telegram's next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the current excessive centralization.
— Pavel Durov (@durov) November 30, 2022
This campaign is in response to the FTX collapse, which led many individuals to lose money. According to Durov, the blockchain sector was built on the promise of decentralization. But ending up centralized in the hands of a few who began to misuse their power.
Telegram’s CEO Crypto Plans
He said that the solution is obvious that the blockchain projects should revert to the roots of decentralization. And crypto users must transition to trustless transactions and self-hosted wallets that do not rely on a single third party. This is the only method that can right the wrongs caused by the existing over-centralization.
Telegram has recently completed the construction of fragments. A decentralized auction platform based on The Open Network’s decentralized layer1 blockchain (TON). The fragment has sold $50 million in usernames in less than a month, according to Durov.
According to Durov, the most current tool given from Telegram’s team, Fragment, was built in five weeks by a team of five people. The idea was first offered in late August, with the company hoping to auction away highly sought-after usernames via NFT-like smart contracts. Fragment emerged shortly after the TON Foundation introduced the TON DNS, which allows users to assign human-readable names to crypto wallets, smart contracts, and websites.
