Telegram founder Pavel Durov has announced plans by the messaging platform to unveil decentralized cryptocurrency products, including a crypto exchange and non-custodial wallets.
According to Durov, the new venture seeks to rectify the existing centralization of cryptocurrency entities, a factor he noted has let down millions of users with reference to the FTX exchange collapse, the CEO said in his official Telegram channel on November 30.
“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users,” he said.
Durov further pointed out that the current blockchain ecosystem has deviated from its founding principle of promoting decentralization.
Giving people the power
The Telegram founder noted due to the concentrat
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