Telegram Will Launch a Crypto Wallet and Exchange
This blog post will cover:
- Pavel Durov's announcement
- The future of crypto in Telegram
Messenger giant, Telegram, is finally jumping on the blockchain train. According to CEO Pavel Durov, the firm has just recently sold over $50 mln usernames via Fragment, its blockchain auction platform.
Fragment is based on The Open Network infrastructure, a blockchain concept Durov was forced to abandon by regulators in 2020. Telegram has set itself aside for its innovation and the latest news makes no exception. The auction blew all expectations and Telegram will soon explore new blockchain endeavors.
Pavel Durov's announcement
Durov went on to reveal Telegram will soon launch more blockchain products. The company is set to introduce its own decentralized exchange as well as non-custodial wallets that will be seamlessly integrated with the application itself. Here’s what Pavel wrote on his Telegram channel:
This way Pavel has announced the new era of decentralization coming to Telegram. He said that he’s going to add the decentralized instruments, which will help people trade and keep crypto at the maximum secure level:
The future of crypto in Telegram
The statement confirmed that Telegram is setting up to become a leading blockchain company. Durov wants to implement the TON blockchain into Telegram and create new use cases. Innovation has always been Telegram’s focus, the platform has in recent years become the go-to messaging app for the crypto community hosting countless channels and chats on the topic.
Durov’s failed 2020 Open Network project has taught him a lot about how the blockchain space works. Open Network became a community project and grew into two competing projects, Newton and Toncoin.
On his channel, Durov harshly criticized the extreme centralization seen on recent crypto projects such as the collapsed FTX exchange, underlying the importance of decentralization. It’s worth mentioning that Telegram is the only major open-source messaging app on the market that puts great focus on user privacy.
Telegram’s ethos goes hand in hand with blockchain’s main tenet, power to the users. Durov's ambitions in cryptocurrency are exciting, to say the least, the billion-dollar company could bring significant capital and innovation to the space.
By integrating the messaging platform with the power of blockchain Telegram could get millions of new users and huge value to the Crypto World. If integrated correctly the Telegram wallet and exchange might turn out groundbreaking.