Telegram Intends to Create a Decentralized Crypto Exchange

Telegram Messenger has lately revealed ambitions to establish its own non-custodial network and decentralized exchange. This decision was made in the aftermath of FTX's recent collapse. The organization feels that as trust in cryptocurrency dwindles, it is time for them to step up.

Pavel Durov, the 38-year-old founder of Telegram, stated that blockchain began with the promise of decentralization. However, we see certain people manipulating them. Worse, they begin to abuse their power. As a result, when FTX declared bankruptcy, many individuals lost money.

The solution is straightforward: blockchain-based projects must return to their roots. Trustless transactions and self-hosted wallets that do not rely on a third party should be adopted by cryptocurrency users. As a result, Telegram will take things into their hands and demonstrate an example.

Durov goes on to say that it only took 5 weeks and 5 people to construct Fragment, a completely decentralized auction site. He added that it was feasible since Fragment operates on The Open Network (TON), a fast and efficient blockchain. The Fragment is currently a big success. In less than a month, they sell off usernames valued at $50 million. They will go beyond usernames next week.

What are your thoughts on Telegram's plans to create a new DEX? Would you be interested to try it out?