Pavel Durov, the founder of the messaging app Telegram, has announced plans for the company to introduce decentralized cryptocurrency products, such as a crypto exchange and non-custodial wallets.
The new initiative, according to Durov, seeks to address the current centralization of cryptocurrency entities, a problem he claimed has let down millions of users in light of the collapse of the FTX exchange, the CEO said on November 30 in his official Telegram channel.
“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”
Durov further pointed out that the current blockchain ecosystem has deviated from its founding principle of promoting decentralization.
