Just-In: Telegram To Launch Crypto Exchange Following FTX collapse

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

Telegram’s Crypto Exchange

Following the collapse of the FTX exchange, the CEO stated on November 30 that the new venture will attempt to correct the existing centralization of cryptocurrency entities. This is something that, according to Durov, has let down millions of users. Durov made this statement on his personal Telegram channel.

The Telegram founder pointed out 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 steer the blockchain industry away from centralization by building fast and easy-to-use decentralized applications for the masses. Such projects are finally feasible today.”

With further disappointment, Durov stated that the present environment of blockchain technology had strayed from the core idea of its inception, which was to encourage decentralization.

Telegram’s Crypto Success

According to Durov, it took just 5 weeks and 5 people including himself to put together Fragment which is a fully decentralized auction platform.

Read More: Telegram Announces TON-Based Username Auction Marketplace

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

He further went on to state,

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

The FTX Fiasco

The story doesn’t end with FTX filing for bankruptcy proceedings. Earlier this month, a hacker gained access to the Bahamas-based cryptocurrency exchange FTX and stole almost $600 million worth of cryptocurrencies.

Read More: Over $600 Million Transferred Out Of Wallets Following FTX Hack

The now-bankrupt crypto exchange FTX announced the attack later in the day after over 130 firms of the crypto conglomerate suddenly filed for bankruptcy protection.