Telegram Fragment Sold $50 Million Username, Towards Creating Crypto Wallet And DEX

Pavel Durov, the founder of Telegram, just announced Fragment sold $50 million worth of usernames in less than a month. Messaging app Telegram is expressing its ambitions to go deeper into the crypto space with the intention of creating a crypto wallet and setting up a DEX, despite the recent crises.

In a personal statement, Telegram founder and CEO Pavel Durov said that Fragment, a completely decentralized auction platform, sold $50 million worth of usernames in less than a month. This week, Fragments will expand beyond usernames.

pavel durov

He also shared that Telegram’s next step is to build a decentralized toolkit, including a non-custodial wallet and a decentralized exchange, for millions of people to securely trade and store cryptocurrencies.

Mr. Durov claimed that decentralization was supposed to be at the core of the cryptocurrency industry, but ended up being centralized in the hands of the few, leading to a chain collapse from the latest name, FTX exchange.

pavel durov

The CEO writes that the most obvious solution is for the crypto industry to return to its decentralized nature, switching to solutions that do not need third parties. Mr. Durov thinks this is possible and calls on other developers in the crypto industry to create more decentralized financial products.

Mr. Durov is confident that these products can be easily delivered as it took him and four other colleagues just five weeks to complete Fragment, the Telegram username auction platform that runs on TON. Pavel Durov claims Fragment is an unexpected success, reaching a transaction volume of up to $50 million after just one month of launch.

Faced with the positive news, the price of TonCoin has a slight increase of about 3% and is currently trading at $1.77.

24h TON price chart. Source: CoinMarketCap

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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