Telegram To Launch Its Own Decentralized Crypto Exchange; Here’s What You Need To Know
The CEO of the social media messaging app Telegram, Parel Durov, has declared his intention to launch a decentralized cryptocurrency exchange. The recent FTX collapse served as a push for this action.
Could Total Decentralization Be What The Crypto Space Needs?
The social media messaging app market has seen a new, promising entrant, and telegram is quickly making its way into the cryptocurrency market.
Parel Durov, the CEO of Telegram, has made it clear that he intends to launch his own cryptocurrency exchange in the cryptocurrency market. This launch also includes the launch of custodial crypto wallets.
Durov saw the recent FTX collapse as an opportunity to make a statement in the crypto space and thus launched this venture. He stated that the goal of this venture is to correct a flaw in the crypto space that preaches decentralization but promotes centralized entities.
According to him, this has been the bane of the crypto crisis, resulting in the loss of millions of dollars in investor funds. Durov stated his intentions and addressed the crash issue on his Telegram private channel.
Durov also stated that he was not surprised that the FTX incident shook and greatly affected the market. The ability of the crypto space to rely on various and decentralized entities through the use of blockchain technology was the gospel of the crypto space and the power it held against other world sectors. However, the influx of centralized exchanges into the trading space has called into question the concept of decentralization.
He stated that the crash was not unexpected because few people and powers controlled the market status and the gospel of decentralization was boycotted.
Push For The Decentralization Agenda
He urged programmers to concentrate more on finding ways to improve the functionality of decentralization and blockchain that served as the foundation upon which cryptocurrency was first established.
And as a result of these improvements, centralized exchanges and sectors will lose power, control, and influence to decentralized exchanges and sectors. With today’s technology, he claimed, this is both very possible and not far-fetched.
Durov expressed his extreme dissatisfaction with the crypto community’s attitude toward its direction, claiming that they had long since strayed from the community’s bedrock, foundation, and mission, which was to spread the gospel of decentralization over the existing world order.
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