Telegram Founder Announces Plans For New Crypto Features Including DEX And Non-Custodial Wallet

Telegram founder Pavel Durov has unveiled plans to launch a suite of decentralized crypto products, which will reportedly include a non-custodial wallet along with a DEX. Despite the recent fallout associated with the FTX collapse, the popular messaging app is rapidly expanding its crypto infrastructure.

The announcement also serves as the first confirmation regarding the incorporation of the TON blockchain into the messenger app. The system, formerly known as Newton and Toncoin, is one of two competing projects which arose through the early Telegram Open Network (TON) concept. Both were created by the Telegram community, but only one received official recognition via Telegram.

What led to this moment?

The blockchain sector was established on the promise of decentralization, however it quickly ended up in the hands of a select few who started abusing their power, Durov said through his official Telegram Channel. He directly mentioned FTX in his opening paragraph, emphasizing that the developments of this year, which also include the Terra disaster and what happened to 3AC, have clearly demonstrated that the cryptocurrency ecosystem as a whole must return to its decentralized roots.

Durov believes that trustless transactions and self-hosted wallets which do not depend on a single third party ought to be utilized by crypto users. The founder also called on developers to help move the blockchain sector towards becoming more decentralized by constructing quick and easy to use dApps for the masses, which he claims are now feasible.

What happens now?

Durov stated that blockchain based auction platform has sold $50 million in usernames in less than a month. The figure reflects the success of the platform trying its hand at building its very own crypto infrastructure. Fragment is built atop the Telegram Open Network, a blockchain that Durov abandoned in 2020 due to regulatory pressure but later returned to after its community managed to keep it alive.

Now, Durov is steering Telegram toward deeper crypto buildouts, buoyed by the strong sales of Fragment. He stated that the company would try to become more decentralized with the goal of reaching millions of users worldwide. Telegram is already a popular messaging app among cryptocurrency traders, which already provides the platform with an engaged audience. Moreover, with the market on its slow road to recovery, Durov believes that the time to act is now and make crypto a permanent part of the platform.