As the cryptocurrency industry reels from the collapses of some of its former leading companies, the Telegram instant-messaging platform is devising plans to capitalize on the growing distrust in centralized intermediaries.
Pavel Durov, the founder and CEO of the app popular among the cryptophiles, announced Wednesday that Telegram will build a set of decentralized tools, including a decentralized cryptocurrency exchange and non-custodial wallets. Owners of such wallets have full control of their private keys and hence their crypto assets.
“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,” the executive wrote in a Telegram post, citing the collapse and subsequent bankruptcy of crypto exchange FTX. “This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users.”
Durov pointed to the success of Fragment, a decentralized auction platform he helped build, and The Open Network (TON), its underlying blockchain. Fragment sold $50 million worth of Telegram usernames in less than a month, according to Durov, and will expand beyond usernames in the coming days.
The TON blockchain was initially developed by Telegram but was abandoned in May 2020 following a lawsuit from the U.S. Securities and Exchange Commission over the firm’s $1.7 billion token sale that the agency deemed an unregistered securities offering. In late 2021, Durov signaled support for developers who picked up the project.
Telegram’s CEO has not specified whether the company plans to develop the wallet and the exchange on TON. A representative of the TON Foundation, which oversees the growth of the blockchain, has not responded to a request for comment.
On Wednesday, the foundation announced a $126 million rescue fund to support crypto projects weathering the fallout of the FTX collapse.Telegram claimed to have 700 million active users in June. It is popular in countries of the former Soviet Union.
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December 03, 2022 at 05:30AM
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Telegram To Build Crypto Wallet, Decentralized Exchange Following FTX Collapse - Forbes
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