Telegram announces launch of crypto exchange and non-custodial wallet

Popular messaging app Telegram will launch a decentralized crypto exchange and non-custodial wallet, according to Telegram CEO Pavel Durov’s announcement on his official Telegram Channel on Dec.1.

Through people Durov’s aim is to bring back decentralization into the blockchain industry and enable crypto users to conduct trustless transactions from self-hosted wallets without the need to rely on any third party or centralized exchange.

He said developers should develop fast and user-friendly decentralized applications for the masses in order to steer the blockchain industry away from centralization and the  influence of ‘a few who began to abuse their power’ in the blockchain industry, referencing FTX’s collapse.

‘Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies,’ Durov explained.

The announcement follows the success of Durov’s latest decentralized application project Fragment. According to Durov, Fragment is a fully decentralized auction platform built on the Open Network, or TON – a blockchain platform that is fast and efficient enough to host popular applications. Fragment saw 50 million USD worth of usernames sold there within a month of its launch. 

Photo: Finbold