Pavel Durov said he would build a non-custodial crypto wallet and DEX to give crypto users more decentralization.
Durov claimed that decentralization was supposed to be at the core of the crypto industry, but ended up being centralized, leading to a series of collapses with the latest name being FTX exchange.
The CEO wrote that the most obvious solution is for the crypto industry to return to its decentralized nature, without the need for third parties. Durov thinks this is possible and called 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) – the private blockchain created by the Telegram community. TON was in the past an initiative from Telegram itself but was ordered by the US Securities and Exchange Commission (SEC) to shut down. Since then, the project has been transferred to the community.
Durov is confident that these products can be quickly 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 claimed Fragment is an unexpected success, reaching a transaction volume of up to $50 million after just one month of launch.
On the evening of November 30, the TON Foundation, the organization behind the TON blockchain, said it would set aside $126 million as a crypto market recovery fund to attract more projects to its ecosystem.
The value of TONcoin is increasing slightly at the time of this writing due to the above positive information.
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