Telegram CEO Pavel Durov promises to help “fix the wrongs caused by the excessive centralization” in the crypto industry
In a blog post on his official Telegram channel, Telegram CEO Pavel Durov announced his intentions planning to build decentralised tools for the crypto industry. Those would include exchanges and storage options.
Durov commented on the blockchain vulnerability caused by an abuse of power by those few market leaders who create centralised distributed ledger solutions. He added that after the FTX collapse “blockchain-based projects should go back to their roots – decentralization”.
Based on the recent surge in exchange outflows, cryptocurrency users don’t rely on any single third party at the moment. Therefore, they require trustless transactions and self-hosted crypto wallets. Telegram CEO called on developers to build fast and easy-to-use decentralised applications for public use.
Durov mentioned that Telegram’s decentralised auction platform Fragment, used for selling usernames, will expand its range of features. In the future, the social media app will work on further developing non-custodial wallets and decentralised exchanges for the blockchain industry to “be finally able to deliver on its core mission – giving the power back to the people”.