The Telegram team will work on developing non-custodial wallets and decentralized applications, including DEX. The founder of the messenger, Pavel Durov, said.
“The blockchain industry is built on the prospect of decentralization, but in the end the power ended up concentrated in the hands of a few people who began to abuse it. As a result, many people lost money when FTX went bankrupt,” he wrote.
In Durov’s view, industry projects should “return to the roots” — move to [trustless transactions] and non-custodial wallets.
The founder of Telegram noted the marketplace Fragment, launched in October 2022. He said that a five-person team (including Durov himself) worked for five weeks on the platform for selling usernames.
“Fragment has achieved tremendous success: in less than a month, identifiers worth $50 million were sold on it. This week the project is moving beyond usernames,” he added.
In conclusion, Durov stated that the Telegram team intends to create a “suite of decentralized tools, including non-custodial wallets and decentralized exchanges” on the TON blockchain.
According to him, the initiative will allow users to securely store cryptocurrencies and use them in trading operations.
On November 2, Fragment sold the first Telegram username for 900 000 TON (about $1.4 million at the time of the deal).
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