Even today, the fall of FTX is claiming many victims. And not only institutions! Worse still, the crypto community is gradually losing faith in the future of this market. To remedy this, Telegram announces the creation of a set of decentralized tools. They will be more reliable and more accessible to the general public.
Soon more reliable crypto tools based on decentralization!
The founder and CEO of Telegram officially announced it on November 30 on his chain. The company will create decentralized crypto products. He specifically cites non-custodial wallets as well as a crypto exchange platform. The goal of this approach: to allow as many people as possible to store cryptocurrencies in complete safety. But above all, Paxel Durov wants to restore the confidence of the crypto community.
“Telegram’s next step is to create a set of decentralized tools, including non-custodial wallets and decentralized exchanges allowing millions of people to securely exchange and store cryptocurrencies. This way, we can right the wrongs caused by over-centralization, which has let down hundreds of millions of crypto users,” he explained while referencing recent crypto events (including the momentous fall of FTX).
A return to basics is necessary, says Pavel Durov
Like many in the crypto industry, the founder of Telegram spoke about the rapid and unprecedented collapse of FTX. According to him, the fall of the Sam Bankman-Fried empire impacts the crypto market so much because of the “reliance on centralized entities”.
“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, many people lost their money when FTX, one of the biggest exchanges, went bankrupt. he says while adding: “The solution is clear: blockchain-based projects should go back to their roots, decentralization. »
For Paxel Durov, the creation of new decentralized crypto tools would thus constitute a response to the fall of FTX.
Telegram is not its first crypto project. We are referring to the decentralized auction platform Fragment which today collects no less than 50 million dollars from Toncoin. As of now, no specific details have been disclosed about the upcoming crypto tools. To be continued…
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service of daily and weekly so you don’t miss any of the essential Tremplin.io!
