The sudden collapse of FTX which sent shock waves across the crypto space has spurred Telegram’s founder to come up with the idea of building a cryptocurrency exchange and wallets.
Pavel Durov, the founder of Telegram has announced a new venture that is aimed at rectifying the existing centralization of cryptocurrency entities which has let down millions of users citing the FTX debacle. Durov on November 30 through his telegram page said;
“Telegram’s next step is to build a set of decentralized tools, including non-custodial wallets and decentralized exchanges for millions of people to securely trade and store cryptocurrencies. This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users.”
He however posited that the existing blockchain ecosystem has moved away from its founding principle which is the promotion of decentralization.
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Giving Power to the People
Durov in his statement said the power is concentrated in the hands of a few which is why the FTX debacle occurred.
“The solution is clear: blockchain-based projects should go back to their roots – decentralization. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party,” he added.
Additionally, Durov implored the developers to build products that are easy to use for the people. Notably, he called out the Ethereum (ETH), suggesting that the platform “remains outdated and expensive even after its recent tweaks.”
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