Telegram to launch crypto-currency exchange following FTX collapse

Pavel Durov, the founder of Telegram, has revealed that the messaging service intends to launch decentralized crypto-currency products in the near future. These products will include the launch of a crypto-currency exchange as well as non-curated wallets.

Telegram’s crypto-currency exchange

After the collapse of the FTX exchange, the CEO said on November 30 that the new company will try to fix the current centralization of crypto-currency entities. This is something that Pavel Durov says has failed millions of users. Pavel Durov made this statement on his personal Telegram channel.

The founder of Telegram stressed that the fact that the FTX incident occurred is not surprising, because in today’s market a small number of people hold a significant amount of influence.

“We developers should turn the blockchain industry away from centralization by building fast, easy-to-use decentralized applications for the masses. Such projects are finally feasible today.”

With further disappointment, Pavel Durov stated that the current environment of blockchain technology has moved away from the central idea of its creation, which was to encourage decentralization.

Telegram’s cryptographic success

According to Pavel Durov, it only took 5 weeks and 5 people, including himself, to set up Fragment which is a fully decentralized auction platform.

And this they were able to do because Fragment is based on The Open Network, or TON, “a blockchain platform that is fast and efficient enough to host popular applications.”

He continues,

“With technologies like TON reaching their potential, the blockchain industry should finally be able to fulfill its core mission – to give power back to people.”

The FTX fiasco

The story doesn’t end with FTX filing for bankruptcy. Earlier this month, a hacker gained access to the Bahamas-based crypto-currency exchange FTX and stole nearly $600 million in crypto-currencies.

The now-bankrupt FTX crypto-currency exchange announced the attack later in the day, after more than 130 companies in the crypto-currency conglomerate suddenly filed for bankruptcy protection.