Popular messaging app Telegram is planning to roll out decentralized tools such as non-custodial crypto wallets and decentralized exchanges, announced Telegram CEO Pavel Durov.
He also said that this step intends to fix the wrongs caused by the current excessive centralization. In light of recent events, Durov pointed out that 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.
With this initiative, Telegram is focusing on providing crypto users with tools so that they can switch to trustless transactions and self-hosted wallets. This is not the first time when Telegram has steered the blockchain industry with crypto-focused plans.
In October, Telegram hosted the official auction of its usernames on its new marketplace built on the Telegram Open Network (TON) blockchain. The auction went live on Fragment, its blockchain-based auction platform.
Interestingly, Fragment made strong sales, gaining $50 million worth of usernames sold in less than a month. The latest move will expand Fragment beyond usernames. Durov also emphasized that such an initiative can fix the wrongs caused by the current excessive centralization.
With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people, He added.
