Telegram Is Planning On Developing A Non-Custodial Wallet And A Decentralized Exchange

The CEO and founder of Telegram (a well-known messaging platform) declared establishing a non-custodial wallet as well as a decentralized exchange. In a time of fewer than thirty days, Telegram has effectively sold nearly $50M worth of usernames via Fragment (the messaging app’s blockchain-based auction forum).

Telegram CEO Declares to Create a Non-Custodial Wallet and a Decentralized Exchange

Durov debated on the achievement of the messaging platform for moving toward its separate crypto infrastructure. The basis for Fragment is provided by the Telegram Open Network which is a blockchain abandoned by Durov due to the extreme regulatory pressure in 2020.

Nonetheless, with the endeavors of the community, it remained alive. Durov, with a boost from the resilient sales of Fragment, is making Telegram capable of additional crypto developments.

The founder mentioned that the firm will construct a decentralized exchange (DEX) along with non-custodial wallets to expand its scope to numerous consumers.

The messaging company is in advance operating as a radical messaging application that is being utilized on the behalf of several crypto traders. This would help attract a lot of audiences from the beginning of its new venture.

The statement is the initial verification that the platform is making straight efforts to get the TON blockchain integrated into Telegram’s messenger application. Formerly, the CEO expressed to be excited to see the blockchain-based development with the remarkable progress of Telegram’s community project.

The system that is entitled Toncoin is categorized among a couple of competitor projects that emerged out of the earliest TON idea created by Telegram.

The respective projects were both constructed on the behalf of the supporters’ community, though just one was eventually recognized by Telegram officially. A message was shared by Durov on his channel, contrasting the endeavors made by Telegram with the extreme centralization exercised by the bankrupt crypto exchange FTX.

The Telegram founder added that the consumers of cryptocurrency should move toward trustless transfers as well as self-hosted wallets.

TON Network Supporters Develop a Rescue Fund for Crypto Projects Impacted by the FTX Crash

In his words, these are the services that do not depend on any 3 sole 3rd-party at all. In addition to this, those who support the TON network declared a rescue fund of approximately $126M.

The purpose of the respective fund is to assist the crypto projects which have been influenced due to the epic collapse of the FTX Empire. In one of Durov’s posts, he noted that the developers should drive the crypto market far from centralization.

In this respect, the CEO added, they would construct convenient and swift decentralized apps for the public. According to Durov, this has ultimately become practicable at present.

He elaborated that the bankruptcy of FTX brings to the front the excessive dependence on centralized organizations, leading to a huge loss of funds by the investors. Durov considers that this is planned by a few people who start exploiting their power.

Sam Bankman-Fried’s crypto exchange has been allegedly engaged in deliberately mismanaging the funds of the consumers after it submitted a bankruptcy filing on the 11th of November. As a result, up to 1M investors and consumers lost billions from their funds. Fragment of Telegram was released in October on Open Network (a layer-1-based decentralized blockchain).