Telegram To Build New Decentralized Exchange And Crypto Wallet

Amidst the crypto market recovery, it seems that the mass adoption of digital assets is going great these days. Check out the latest reports involving important moves made by Telegram.

According to the latest reports, the founder of messaging app Telegram is announcing the development of a new decentralized exchange (DEX) platform and crypto wallet.

In a new post to his channel, Telegram founder and CEO Pavel Durov explained to those interested that blockchain developers should go back to the roots of crypto and focus on decentralization. This is especially important as centralized entities tend to abuse their power.

“The blockchain industry was built on the promise of decentralization, but ended up being concentrated in the hands of a few who began to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt.”

He continued and said the following:

“The solution is clear: blockchain-based projects should go back to their roots – decentralization. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party.”

According to Durov, Telegram will now update Fragment.

Just in case you don’t know, this is its popular decentralized auction platform. The aim is to include non-custodial crypto wallets and a decentralized exchange platform. This is a move that he says could help right the wrongs caused by excessive centralization.

The other day, we revealed that the Russian President Vladimir Putin is reportedly calling for an international payments system based on distributed ledger technology.

According to the Russian state-owned news agency TASS, Putin says that a blockchain-based international payments system is much more suitable in today’s world. Here’s what he had to say about the matter. Check out our previous article in order to learn more details about all this.