More decentralization: Telegram is developing a crypto exchange

700 million people to use Telegram worldwide. The WhatsApp alternative has thus recorded exponential user growth of around 1,400 percent in six years. This increase is due – at least in part – to the explosive adoption of cryptocurrencies in recent years. Meanwhile, more and more crypto enthusiasts are enjoying the decentralized corporate structure of the instant messenger service. Telegram reciprocates this attention: While the in-house blockchain marketplace is already flourishing, work is being done on a decentralized exchange and wallet solution.

Decentralized exchange and wallet product

Telegram CEO Pavel Durov fumed at FTX: “The blockchain industry was built on the promise of decentralization but ultimately channeled itself into the hands of a few who began to abuse their power.” In his official channel the 38-year-old took stock. He urged developers – including him – to research “fast and easy-to-use decentralized applications for the masses.”

Telegram’s next step is to build decentralized tools. A first proposal are so-called “non-custodial wallets” and “decentralized exchanges, for millions of people”. In this way, the errors of “excessive centralization should be corrected,” it says. Durov has not yet presented a concrete concept.

Telegram: A Crypto Company?

An in-house cryptocurrency, a thriving blockchain marketplace and the option to trade Bitcoin and Co. directly in the messenger app. In short: the Telegram ecosystem is a paradise for many crypto investors.

So far, this concept seems to work: on the market place – fragment – were According to Durov sold $50 million worth of Telegram usernames in a month. For example, @Doge traded for $500,000. It remains to be seen how far the news app and founder Durov will advance into the crypto space. However, it seems inevitable that Telegram will be able to look forward to even more users in the future.

Do you want to buy cryptocurrencies?

Trade over 240 cryptocurrencies like Bitcoin and Ethereum on Phemex, the platform for beginners as well as experienced investors.

To the provider

The latest issues of BTC-ECHO Magazine

You might also be interested in this

source site-17