Telegram: New crypto and web3 projects in the works?

Telegram CEO reveals the company’s ambitious crypto plans. As a reminder in 2020, Telegram had hit a regulatory wall after the launch of its blockchain. Two years later, its CEO Pavel Durov confirmed new Web3 projects, including a decentralized exchange platform and cryptocurrency wallets.

Indeed, Telegram reveals new projects related to cryptocurrencies. Pavel Durov announced these new initiatives on his personal Telegram channel, where he revisited the fall of FTX. According to him, many crypto projects – including, presumably, the one carried by Telegram in 2020 – have fallen into a pitfall:

“The blockchain industry was built on promises of decentralization, but it ended up being concentrated in the hands of a few people who started to abuse their power. As a result, many people lost their money in […] the FTX bankruptcy.”

So the solution is a return to decentralization, according to Telegram’s CEO. That is, self-hosted wallets, which do not need to be maintained by a third entity, as well as transactions that do not go through a centralized platform. Pavel Durov thus reveals Telegram’s ambitious medium-term plans:

“The next step for Telegram is to build a set of decentralized tools, including self-hosted wallets and decentralized exchange platforms so that millions of people can securely exchange and store cryptocurrencies.”

Durov wants to solve the problems caused by excessive centralization, which he believes is no longer necessary. In this way, he is part of the questions that are currently running through the entire ecosystem.