Decentralized Finance Coming To Telegram With The Actualization Of Dex Platform And Crypto Wallet

The social media platform Telegram plans on entering into the crypto space, the messaging application is an announcement which was made via a post on the channel by the CEO Pavel Durov and also the founder advices blockchain developers to go foundation of crypto which is the decentralization of entities which he sited the FTX collapse saying that centralization of entities abuses power.

“The blockchain industry was built on the promise of decentralization, but ended up being concentrated in the hands of a few who began to abuse their power. As a result, a lot of people lost their money when FTX, one of the largest exchanges, went bankrupt.

The solution is clear: blockchain-based projects should go back to their roots – decentralization. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party.”

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Giving updates on what the development team has been up to of recent which he says that the platform will soon witness the a fragment to decentralization which the addition of non custodial wallets to the platform.

“This week, Fragment will expand beyond usernames. 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.”

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