The founder and CEO of social media platform Telegram, Pavel Durov, announced today that the company is planning a very special expansion. There are concrete plans to launch their own crypto exchange. The CEO made this known in a message on his own Telegram.
Telegram crypto exchange
In his own words, Durov has decided to do so due to the recent demise of ftx. According to Durov, the high degree of centralization at many exchanges and other crypto companies is problematic, and Telegram’s future exchange would be highly decentralized. That is to say: without a central authority in charge of managing the platform.
“Telegram’s next step is to build a set of decentralized tools, including decentralized wallets and decentralized exchanges for millions of people to securely cryptocurrencies trade and store. In this way, we can rectify the wrongs caused by the excessive centralization that has failed hundreds of thousands of cryptocurrency users.”
Not only will there be one exchange come, Telegram will eventually also offer certain functionalities with regard to crypto wallets for customers. All this to make navigating the world of crypto easier for users.
Durov is critical of crypto
Durov’s criticism of the overarching crypto industry is strong. He even indicates that the norms and values of it blockchain ecosystem today no longer corresponds to the principles with which it was created years ago. Power is in the hands of a very small group of players, and this is part of what made the FTX drama possible, says Durov.
“The solution is clear: blockchain-based projects need to go back to their roots – decentralization. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that do not rely on a single third party.”
How the roadmap Exactly what Telegram’s plans look like is unknown. It is now only an announcement of the intention to indeed build a decentralized exchange.
The Open Network Token (TON) price reacts immediately to the news and has already increased by 8% at the time of writing.