Tuesday, February 7, 2023
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Telegram Plans To Launch Decentralised Cryptocurrency Exchange

In the midst of the ongoing fallout caused by the collapse of the cryptocurrency exchange FTX, Pavel Durov, the founder of Telegram, has announced that the messaging platform intends to release a suite of decentralised cryptocurrency products. There will be a non-custodial wallet and a decentralised cryptocurrency exchange (DEX) as part of these products.

Durov made the announcement on Wednesday through his official Telegram Channel, stating, “The blockchain business was established on the promise of decentralisation but ended up being centralised in the hands of a few who started to misuse their authority.”

In the first sentence of his article, he made a clear reference to FTX and drew attention to the fact that “a lot of individuals lost their money when FTX, one of the major exchanges, went bankrupt.”

According to Durov, the changes that have taken place over the course of the last year have proven more than anything else that the cryptocurrency ecosystem as a whole has to return to its decentralised beginnings.

This is not Telegram’s first excursion into the world of cryptocurrencies; in May 2020, the platform released The Open Network along with its native Toncoin (TON) token. This means that this is not Telegram’s first foray into the world of cryptocurrencies.

However, the project ran into a significant obstacle when the United States Securities and Exchange Commission (SEC) charged the platform with conducting an unregistered offering of digital tokens and ordered Telegram to return more than $1.2 billion to investors in addition to paying a civil penalty of $18.5 million. This caused the project to hit a major snag. Following the news made by Durov, the price of Toncoin (TON) has increased by 6.11% since the beginning of the day, and it is now trading at $1.83.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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