Telegram CEO to build decentralized crypto exchange:

A collection of decentralized tools, such as noncustodial wallets and decentralized exchanges, are being developed by the messaging platform.

According to CEO Pavel Durov on Wednesday, messaging app Telegram has sold $50 million in usernames in less than a month via its blockchain-based auction platform, Fragment.

Fragment, the most current tool made by the Telegram team and released, was developed in five weeks by five people, according to Durov. The team proposed the idea for the first time in late August, with the goal of using “NFT-like smart contracts” to auction off highly desired usernames. Fragment was released soon after the TON Foundation unveiled the TON DNS, enabling users to give human-readable names to websites, smart contracts, and cryptocurrency wallets.

According to Durov, the move is a reaction to the recent FTX crash, as the sector ended up becoming concentrated in the “abuse of power at the hands of a select few. As a result, many people suffered financial losses when FTX, one of the biggest exchanges, filed for bankruptcy.”

“The time when the inefficiencies of legacy platforms justified centralization should be long gone. With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people.”

Durov is directing Telegram toward more extensive crypto buildouts. A decentralized exchange and non-custodial wallets will be developed by the company, according to him, and they might have millions of users. Many cryptocurrency traders already use Telegram as their preferred messaging platform, providing it a captive audience right now.

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 excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he said. 

Durov also emphasized how the blockchain ecosystem today has strayed from its original goal of encouraging decentralization.

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