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Pavel Durov announces crypto wallet from Telegram team

Dec 3

Telegram's team will develop non-custodial wallets and decentralised applications, including DEX. This was announced by the messenger's founder Pavel Durov. 

"The blockchain industry was built on the prospect of decentralisation, but it ended up concentrating all power in the hands of a few people who started abusing it. As a result, many people lost money when FTX went bankrupt" 

According to Durov, industry projects should "go back to their roots" - move to trustless transactions and non-custodial wallets. The founder of Telegram highlighted the Fragment marketplace, launched in October 2022. He said a team of five people (including Durov himself) worked for five weeks on the platform to sell account IDs. Finally, Durov said the Telegram team intends to create "a set of decentralised tools, including non-custodial wallets and decentralised exchanges" based on the TON blockchain. The initiative will allow users to store cryptocurrencies securely and use them for trading, he said.