The initiative is a response to the centralization of power in the crypto industry, said Pavel Durov.
Telegram is set to build a set of decentralized tools, including noncustodial wallets and decentralized exchanges, according to founder Pavel Durov via his Telegram channel on Nov. 30.
This announcement comes weeks after the launch of Fragment, a decentralized auction platform for unique usernames based on The Open Network, or TON, a layer-1 blockchain. According to Durov, Fragment has seen $50 million in usernames sold in less than a month. "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."
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