In order to further develop its services, the founder of Telegram, Pavel Durov, will launch decentralized cryptocurrency products related to crypto exchangers or non-custodial wallets* in the near future.
*a type of blockchain wallet that allows an individual to store his own assets
The reform was made in order for the crypto market to recover from the recent bitter events following the FTX crisis which resulted in millions of users including investors also receiving losses, commented Durov.
He added that Telegram intends to create a decentralized application that is fast and easy to use so that most individuals are satisfied with its service and not to forget also to avoid the blockchain industry from centralization.
However, he expressed his disappointment when most crypto exchange companies have missed the objective of their establishment which should promote decentralized instead of centralized.
Returning to the original description, Durov established a decentralized auction platform called Fragment within 5 weeks with the help of 5 individuals including himself.
Explained further, he has established Fragment based on The Open Network or better known as TON, which is a blockchain platform established by Telegram to host popular applications quickly and efficiently.
On a different note, FTX has reportedly filed for bankruptcy proceedings recently, but the situation was further affected when a party hacked Bahamas-based FTX and stole $600 million worth of crypto.
