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Telegram CEO Says FTX Collapse Made Me Take These 2 Steps

Pavel Durov, the founder of Telegram, stated that Telegram would create a series of decentralized tools, including crypto wallets and decentralized exchanges. He made this statement via a Telegram channel recently.

Durov said that the initiative was a response to the recent FTX crash. The industry became concentrated in the hands of a few who abused their power. Many people lost their money after FTX; the largest exchange, went bankrupt.

This announcement comes just weeks after Telegram’s Fragment was launched, a decentralized platform that auctions unique usernames based upon The Open Network or TON layer-1 blockchain. Durov claims that Fragment sold $50 million of usernames in less than one month.

Durov is responsible for the official first version of the TON Blockchain. He spoke out about the development of new decentralized tools.

The solution is simple: Blockchain-based projects must return to their roots, which is decentralization. Cryptocurrency users should move to trustless transactions and self-hosted wallets and not rely on any third party.

Durov also commented on the inefficiencies of legacy platforms, referring to Ethereum as an example. “Unfortunately, it remains outdated and costly even after recent improvements.”

Durov added, “The days when inefficiencies on legacy platforms justified centralization should have passed. The blockchain industry will finally be able to fulfill its core mission, which is to give back power to the people. Technologies like TON are enabling them to do so.

According to Durov, the Telegram team’s most recent tool, Fragment, was created in five weeks, and five people worked on it. In late August, the idea was first presented. The team wanted to use smart contracts that were “NFT-like” to sell highly-coveted usernames. The Fragment was launched just after the TON Foundation launched TON DNS. It allows users to assign human-readable names to crypto wallets, smart contracts, etc.

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