Telegram Aims To Allow Users To Store And Trade Cryptocurrencies

According to Telegram's founder and CEO Pavel Durov, the company's next step is to build a set of decentralized tools, such as non-custodial wallets and decentralized exchanges, that will allow millions of users to securely trade and store cryptocurrencies.

According to him, this can fix the wrongs caused by excessive centralization, "which let down hundreds of thousands of cryptocurrency users".

 "The Blockchain industry was built on the promise of decentralization but ended up being concentrated in the hands of a few who began to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt," Durov remarked.

Users of cryptocurrencies should switch to self-hosted wallets and transactions that are not trusted by any single third party.

"We, developers, should steer the blockchain industry away from centralization by building fast and easy-to-use decentralized applications for the masses. Such projects are finally feasible today," stated the CEO of Telegram.

He stated that the creation of Fragment, a completely decentralized auction site, only required five weeks and five individuals, including himself.

"Fragment has been an amazing success, with $50 million worth of usernames sold there in less than a month. This week, Fragment will expand beyond usernames," Durov remarked.

The times of centralization being justified by the inefficiencies of antiquated platforms ought to be long gone.

He emphasized that "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,"