- Pavel Durov, has declared that a number of decentralised cryptocurrency product lines will be made available.
- These cryptocurrency items offer a non-custodial wallet and a decentralised cryptocurrency exchange (DEX).
Pavel Durov, the founder of the messaging app Telegram, has revealed plans for the company to introduce decentralised cryptocurrency products, such as a crypto exchange and non-custodial wallets.
The CEO of the new endeavor said on November 30 that it would try to address the current centralization of cryptocurrency organisations after the collapse of the FTX exchange. Durov claims that millions of users have been disappointed by this.
The CEO of Telegram has stated that the company’s next project will be to create a set of decentralised tools, such as non-custodial wallets and decentralised exchanges, to enable millions of users to securely trade and store cryptocurrencies. In this way, the problems brought on by inordinate centralization that let down thousands of cryptocurrency users can be corrected.
The founder of Telegram also noted that the fact that the FTX incident occurred is not strange considering that a small number of individuals retain a substantial degree of influence in today’s market.
The blockchain industry was founded on the promise of decentralisation, but Durov claimed that it managed to end up being clustered in the hands of a select group of people who started abusing their power. Durov made the announcement on Wednesday via his official Telegram channel.
In his opening paragraph, he made a direct allusion to FTX and noted that a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt.
Durov also urged blockchain developers to create products that are simple for the general public to use. He specifically targeted Ethereum (ETH), claiming that the platform “continues to remain out-of-date and expensive even after its recent tweaks.”
Durov urged devs to help direct the blockchain industry away from centralization by short burst and user-friendly decentralised applications for the masses, which he claimed are now possible, in order to spur action on this issue.
Durov describes the network (TON), which took only 5 weeks and 5 people to create. With technology solutions like TON reaching their full potential, the blockchain realm should be able to successfully generate its central purpose of restoring power to the people.
Telegram now intends to release additional tools that can aid in promoting the move toward decentralisation in the crypto space, establishing on this acceleration.
It is important to keep in mind that Telegram has recently entered the crypto space with a number of products. Telegram has launched an auction for both usernames and channels via a marketplace built on the TON blockchain.