Fri, March 01, 2024

Telegram Making an Independent Cryptocurrency Exchange?

cryptocurrency

An independent cryptocurrency exchange is being created by Telegram

Telegram’s CEO, Pavel Durov, has declared that the messaging service is firmly going toward cryptocurrency encryption. His suggestion in this regard should, in particular, result in the opening of a non-custodian wallet.  Also a decentralized crypto exchange. Durov’s declaration was given to Twitter and doesn’t seem to raise many questions.

One of the explanations offered for this difficult move is that the Blockchain business has steadily consolidated in a small number of hands, people who have not shied away from abusing their position of power. The connection is unmistakably made to the tragic circumstances, including the recent bankruptcy of FTX.

The decentralization and spread of non-custodial wallets, or wallets held by the users themselves, are the greatest ways, in Durov’s opinion, to bring cryptocurrencies back to their original spirit. Future solutions that Telegram will provide include Fragment, a fully decentralized auction platform built on The Open Network’s Blockchain (TON).

Selling tokenized usernames on the blockchain has already brought in $50 million in Toncoin since the marketplace’s inception last month. It runs on The Open Network (TON), which is the SEC-squelched spiritual successor to Telegram’s earlier blockchain ambitions.

More about the Cryptocurrency Market

A reference that had an instant impact on the cryptocurrency market, where the TON token is presently expanding quickly, in part due to the long-running rumors that Telegram could integrate it. Another tweet Durov posted yesterday would later substantiate these suspicions.

TON’s investors recently disclosed the establishment of a $ 126 million fund to support projects threatened by the demise of FTX cryptocurrency exchange. A no-no for companies in the exchange business. FTX  accused of mismanaging customer assets in the past. This is by lending them to its sibling trading department Alameda Research.

Other exchanges are currently rushing to put greater checks and balances in place. Within their companies, such as proof of reserves systems. That try to confirm ownership of customer assets on-chain. A fund established by Binance in response to the increased challenges faced by an industry unable to recover from the now-prolonged crypto cold.

The best course of action is to sell. This is to acquire the coins once you have chosen which ones to invest in. Only if you don’t have access to the aforementioned choices should you purchase it through an exchange. The fiat system is a massive surveillance apparatus. This means that if you enter the crypto realm using fiat, full surveillance will follow you throughout. Your privacy is thus jeopardized.

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