Telegram Building Decentralized Exchange

In the wake of the collapse of cryptocurrency exchange FTX, messaging platform Telegram are building a decentralized exchange in the hopes that millions of users will be able to trade their crypto and digital assets more safely. Founder and CEO Pavel Durov has announced in his Telegram channel that the firm will begin the building of "non-custodial wallets" and "decentralized exchanges."

After the recent launch of Telegram's own marketplace, Fragment, which, according to Decrypt, has made more than $50 million through tokenized username sales, Durov has said that his new project should be more than feasible. In his statement, Durov is making a case for avoiding third parties and steering the industry back towards decentralization. Crypto users and companies seem to echo these sentiments; Cardano founder, Charles Hoskinson, stated in his interview at the Financial Times Crypto and Digital Assets Summit that the recent collapses are not due to the failings of DeFi and blockchain protocols, but are due to the failings of people, regulation, and trust.

Through launching a decentralized crypto exchange, it is the ambition of Pavel Durov and Telegram to right the wrongs of "excessive centralization, which let down hundreds of thousands of cryptocurrency users."