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Telegram is working on a crypto swap feature

As centralization grows in the crypto space, Telegram plans to develop its own decentralized crypto trading exchange and chart the course for the future.

By Finst News
• 4 min read
Telegram is working on a crypto swap feature

Because centralization is increasing in the crypto space, Telegram plans to develop its own decentralized crypto trading exchange, setting the course for the future.

700 million people use Telegram worldwide. This means the WhatsApp alternative has seen huge user growth of about 1,400 percent in six years. This rise is partly due to the massive adoption of cryptocurrencies in recent years. Meanwhile, more crypto enthusiasts are embracing the decentralized business model of the instant messenger service. Telegram is riding this trend: while its own blockchain marketplace is already doing well, it is working on a decentralized swap and wallet solution.

Decentralized Exchange and Wallet Product

Telegram CEO Pavel Durov and his frustration with FTX: "The blockchain industry was built on the promise of decentralization, but ended up in the hands of a few who started abusing its power." On his official channel, the 38-year-old took stock. He urged developers - including himself - to explore "fast and user-friendly decentralized applications for the masses".

The next step for Telegram is building decentralized tools. A first proposal are so-called "non-custodial wallets" and "decentralized exchanges, for millions of people". In this way the faults of "overcentralization" should be corrected, he says. Durov has not yet presented a concrete concept.

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