Durov announced the appearance of tools for trading cryptocurrencies in Telegram
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Telegram founder Pavel Durov announced the creation of cryptocurrency wallets and the launch of decentralized cryptocurrency exchanges. He reported this in his Telegram channel.
“Telegram’s next step is to create a set of decentralized tools, including non-custodial wallets and decentralized exchanges, so that millions of people can safely trade and store cryptocurrency,” Durov wrote.
A non-custodial wallet allows users to own their private keys and manage funds independently. A custodial wallet is a wallet where private keys are stored and managed by a third party on behalf of the user.
According to Mr. Durov, the launch of decentralized cryptocurrency services will correct the mistakes caused by excessive centralization in this area.
He believes that the blockchain industry has become concentrated in the hands of a narrow circle of individuals who have begun to “abuse their power.” The centralization of cryptocurrency tools, in particular, led, in his opinion, to the fact that a large number of people lost money due to the bankruptcy of the FTX Group exchange.
“The solution is clear: Blockchain-based projects must return to their roots of decentralization. Cryptocurrency holders should switch to transactions and wallets that do not rely on any third party,” Durov wrote.
Cryptocurrency exchange operator FTX announced filed for bankruptcy on November 11th. This was preceded by a scandal around the FTX crypto exchange due to liquidity problems, which caused the collapse of the FTT token, and then Bitcoin. The collapse of the stock exchange bankruptcy cryptocurrency lender BlockFi and serious liquidity problems with cryptocurrency broker Genesis.
Read more about the history of the collapse of FTX – in the publication “Kommersant” “Geek Corporation”.
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