Telegram plans to build a crypto exchange and non-custodial wallets
Telegram CEO Durov has revealed plans of building crypto wallets and a decentralized exchange.
By Anna B Kiwanuka
Telegram is one of the most underrated instant messaging apps. It is free to use and offers a fast and secure platform with end-to-end encryption. The platform offers not just the features to send and receive messages, but also a wide array of features.
One such feature is the Telegram bot feature. It allows users to automate tasks for various tasks, including creating to-do lists, getting weather updates, and getting automated alerts while tracking a particular wallet address. These bots are automated by programs and can be customized as per the user’s needs.
Additionally, Telegram is edging its way into the cryptocurrency space. In April, the TON (Telegram Open Network) Foundation tweeted that it had implemented support for bitcoin payments. On Telegram, cryptocurrency payments can be made using the TON token.
Thanks to the campaign, blockchain technology, and cryptocurrencies are already accessible among Telegram’s 550 million members.
However, new announcements have surfaced about the instant messaging app. It is now planning to launch a non-custodial wallet and a decentralized cryptocurrency exchange.
According to the most recent statement made by Telegram’s founder and CEO Pavel Durov, the instant messaging service is preparing the groundwork for accelerating its cryptocurrency journey. Durov claimed in the statement that many people have lost money as a result of centralized exchanges like FTX. He emphasized the blockchain’s promise of decentralization and how it devolved into the current centralized situation.
He further emphasized, “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.”
Durov also mentioned that the next step for Telegram is to build a set of decentralized tools. These include non-custodial wallets and decentralized exchanges for safe and secure storing and trading of cryptocurrencies. He also stressed that with technologies like TON, the blockchain industry will be able to give power back to the people.