Just-In: Telegram to Launch Crypto Exchange After FTX Collapse
Pavel Durov, founder of Telegram, revealed that the messaging platform plans to launch decentralized cryptocurrency products within the near future. These products will include the launch a cryptocurrency exchange and non-custodial wallets.
Telegram’s Crypto Exchange
The CEO of FTX stated that the new venture would attempt to correct the existing centralization in cryptocurrency entities after the collapse of the exchange. Durov claims that this has led to millions of users being left behind. Durov made the statement via his Telegram channel.
Telegram founder said that the FTX incident was not surprising, as only a few people have significant influence in today’s market.
“Developers should steer the blockchain industry away form centralization by building fast, easy-to-use, decentralized applications for all users.” These projects are now possible.
Durov expressed further disappointment by stating that the current environment for blockchain technology had diverged from its original purpose, which was to encourage decentralization.
Telegram’s Crypto Success
Fragment, which is a fully decentralized online auction platform, was assembled by Durov in just five weeks.
Continue reading: Telegram Announces TON Based Username Auction Marketplace
They were able to do this because Fragment is based upon The Open Network or TON, “a fast and efficient blockchain platform that can host popular applications”.
He went on to say,
“With technologies such as TON reaching their potential the blockchain industry should finally be able to deliver its core mission – giving back the power to the people.
The FTX Fiasco
The story does not end with FTX declaring bankruptcy. A hacker gained access the Bahamas-based cryptocurrency exchange FTX earlier this month and stole nearly $600 million worth cryptocurrencies.
Read More: More Than $600 Million has been transferred out of wallets following the FTX Hack
The attack was announced by the now bankrupt crypto exchange FTX later in the day, after more than 130 firms of the crypto conglomerate filed for bankruptcy protection.
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