Pavel Durov plans to create a crypto wallet and a decentralized exchange

5 December 2022

Pavel Durov said Telegram would create a decentralized exchange and cryptocurrency wallets for its users confirming earlier plans to integrate the TON blockchain into the application. However, Durov argues that the project will not be decentralized, contrasting it with the recently bankrupt exchange FTX. “Cryptocurrency users should switch to their own wallets, which offer reliable transactions without needing a third party,” Pavel said. Earlier, supporters of the TON network created a fund to support crypto projects affected by the collapse of the FTX exchange and raised $126 million. The rate of the TON coin then increased by 4%. 

As you may recall, the FTX exchange filed for bankruptcy in early November. The head of the exchange, Sam Bankman-Fried, resigned, and the day before, he wrote on his Twitter account that “he is sorry” and that he should have “done better.” After that, investors began to withdraw funds from the exchange, which led to a drop in the rate of its token, the FTT coin. For three days, about $6 billion was withdrawn from the exchange. This situation inspired Pavel Durov, who has long been eyeing blockchain projects, to try to capture the crypto market again. This is not the first time Telegram has launched its blockchain project: at the moment, the blockchain-based auction platform Fragment is selling unique usernames, and the sales exceeded $50 million by December 1, 2022.