One of the world’s renowned messaging apps, Telegram announced that it plans to launch a non-custodial wallet and a decentralised cryptocurrency exchange.
Telegram’s CEO, Pavel Durov said in a recent statement that they’re currently strategising for the app’s crypto plan.
In regards to how the centralised exchanges including FTX have caused a massive financial loss, Durov mentioned: “The solution is clear: blockchain-based projects should go back to their roots – decentralisation. Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don’t rely on any single third party.”
Following this, it was revealed that Telegram is currently in the plans and works to move through with a set of decentralised tools – non-custodial wallets and decentralised exchanges for high-security storing and trading of cryptocurrencies.
Will They Be Built On TON?
Regardless of the plans, it remains unclear if the wallet and exchange will be developed on Telegram Open Network (TON).
Initially, the TON blockchain was developed by Telegram, allowing users to buy, sell and trade Toncoin within the Telegram app before it was abandoned in 2020 due to a lawsuit issued by the U.S. Securities and Exchange Commission over the firm’s $1.7 billion token sale that was deemed as an unregistered securities offering.
In late 2021, Durov revealed that the project would be back in development, announcing that Telegram users will be able to make donations and payments for their subscriptions in Toncoin.
Its recent upgrade saw it adding a fully functioning cryptocurrency wallet to the application where users can purchase and sell cryptocurrencies without having to leave the application.