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Telegram will offer users a cryptocurrency wallet and decentralized exchange

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Pavel Durov, founder and CEO of Telegram, announced Wednesday, Nov. 30, that his company will develop a decentralized cryptocurrency wallet and exchange.

Telegram’s next step is to build a series of decentralized tools, including unguarded wallets and decentralized exchanges, to enable millions of people to exchange and store cryptocurrencies. This will allow us to solve the problems caused by the current over-centralization.

Pavel Durov, founder and CEO of Telegram.

Durov implied in his announcement-published through his website official channel on Telegram-, that his motivation for supporting this initiative stems from situations such as the crisis caused by the collapse of the FTX stock exchange. In that particular case, the level of centralization allowed many people to be severely affected financially without being able to do anything.

Today, Telegram already offers a P2P wallet and marketplace for bitcoin trading. (BTC) and the TON token. CryptoNews reported in October this year that transactions can be made with fiat currencies USD, RUB, EUR, UAH, KZT, and BYN. However, the wallet is custodial, which means that the private key to access its funds is held by Telegram and not by the user.

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