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Telegram CEO Durov Plans to venture into the DeFi Sector; with a new Decentralized Exchange & Crypto Wallets

Top Crypto News Today: New Decentralized Exchange From the Social Platform - Telegram

The fall of the FTX empire has sent the crypto market n a frenzy and more crypto enthusiasts are looking for DEXs or Decentralized Exchanges to explore crypto investments. The new player who is getting into the field to provide a trustless and decentralized space for the investors is Telegram. Following the tweet back in April, Telegram has been a little quiet with their crypto endeavors.

However, to use the crypto payment feature, users first had to download and install a verified bot that was built on Telegram’s open Bot API which supported the crypto transfers and allowed them to buy crypto assets using a bank card, trade them, or send them to other wallets.

Pavel Durov, the messaging platform; Telegram’s;  founder and CEO, mentioned in his Telegram channel on Wednesday, that the company will start on building “non-custodial wallets” and “decentralized exchanges” which will be catering towards letting millions of its users safely trade their crypto! He said, “This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of crypto users.

Following the induction of Telegram’s blockchain-based decentralized auction platform, Fragment, Telegram has seen a sale of $50 million in usernames in less than a month through it, as mentioned by CEO Pavel Durov on Wednesday. The platform operates with TON; the native token of The Open Network.

Toncoin (TON) is the token of The Open Network, which is the spiritual successor to Telegram’s independent blockchain ambitions which was left at its nascent stage by Durov due to the various federal regulators’ opinions two years ago. However, the community has made an effort to keep the token live, which has now helped in Telegram’s decision to venture into the DeFi sector and bring a DEX to the crypto investors.

Backing the developer community, Durov called for heading the crypto industry back towards decentralized applications and away from having to trust third parties. Following what went down with the FTX collapse, Durov, along with Cardano founder Charles Hoskinson have voiced their thoughts on the misuse of having power when things are centralized. Hoskinson said, “The failures we’re having aren’t failures of protocols, aren’t failures of DeFi. They’re failures of trust, they’re failures of regulation, they’re failures of people.

Souce: CoinDesk; Watcher.Guru

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