Telegram CEO wants to make a crypto wallet and DEX

Messaging app Telegram is expressing its ambition to go deeper into the field cryptocurrency with the intention of making a wallet crypto and set the floor DEX, despite the near crisis caused.

In a personal statement, Telegram founder and CEO Pavel Durov said he will build a wallet cryptocurrency Non-custodial and DEX exchanges to give crypto users more decentralization.

Mr. Durov claimed that decentralization was supposed to be at the core of the cryptocurrency industry, but it ended up being centralized in the hands of the few, leading to a chain collapse with the latest name being the exchange. FTX.

The CEO writes that the most obvious solution is for the crypto industry to return to its decentralized nature, switching to solutions that do not need third parties. Mr. Durov thinks this is possible and calls on other developers in the crypto industry to create more decentralized financial products.

For its part, Telegram will develop a non-custodial crypto wallet application and a decentralized exchange (DEX) in the near future. These applications will be built on The Open Network (TON) – blockchain exclusively created by the Telegram community. TON In the past, it was an initiative initiated by Telegram itself, but was banned by the US Securities and Exchange Commission SEC request to close. Since then, the project has been transferred to the community.

Mr. Durov is confident that these products can be easily supplied when, according to the CEO, he and 4 other colleagues only took 5 weeks to complete Fragment - the Telegram username auction platform running on TON. Pavel Durov claims Fragment is an unexpected success, reaching a transaction volume of up to 50 million USD after just one month of launch.

On the evening of November 30, the TON Foundation, the organization behind blockchain TON, said it will set aside $126 million as a crypto market relief fund to attract more projects to TON.

The value of TONcoin of TON is increasing slightly at the time of writing because of the above positive information.