Telegram plans own wallet and exchange

[ChillyMatthew]

GN/GM Crypto fam 

I've recently come across this story about Telegram planning to launch its own wallet/exchange and wanted to see your opinion on the matter, since I don't know how to feel about it or if it's good for the overall crypto space or not.

Telegram’s founder and CEO, Pavel Durov, announced today on his Telegram channel that he is planning to build "a set of decentralized tools." These will include non-custodial wallets and a decentralized cryptocurrency exchange. Durov also talked about the state of centralization in digital assets, and the role FTX played in it.

Do you think that this could actually work, and potentially be a decent rival to Binance?

Sources:

https://tokenist.com/telegram-slams-crypto-over-centralization-plans-own-wallet-exchange/

https://app.getresponse.com/view.html?x=a62b&m=BVIvsN&mc=9M&s=BtgXWnG&u=QcLhh&z=EVQsIuo&

[1715196891]

1715196891

[BD Crypto]

If telegram launch their own wallet or exchange I hope that will create a big news in crypto world. And a lot of telegram users will be interested to invest in Cryptocurrencies. So my thinking about this news is positive.

[Hildentine]

Yes I hear this news if this news is true so its very interesting if telegram make their own wallet and exchange so alot people use their wallet and exchange and people easily invest there money in to telegram exchange because people show interest into this news.

[albon]

Telegram’s founder and CEO, Pavel Durov, announced today on his Telegram channel that he is planning to build "a set of decentralized tools." These will include non-custodial wallets and a decentralized cryptocurrency exchange. Durov also talked about the state of centralization in digital assets, and the role FTX played in it.

Do you think that this could actually work, and potentially be a decent rival to Binance?

This is one of the best news I have read so far, creating a Telegram wallet and exchange for cryptocurrencies will have an impact on the crypto market in general. Where Telegram is one of the most downloaded applications by users in the world for the year 2022 and has more than 700 million active users, so it is one of the most popular applications and its involvement in blockchain technology will attract millions of users to engage in investing and trading cryptocurrencies, and Telegram may become one of the best worthy competitors for the Binance platform in the future and for other exchanges, I am very excited to try out Telegram's new decentralized developments and features.

[passwordnow]

It's not surprising since they've got their TON. Potential rival of Binance? We don't know. As a messaging app, it's one of the most used in the world and we still have no idea if its plan of having its own wallet and exchange will be liked by most of its users.
Maybe, or not. But if it's going to show something good about it and it's not going to be asking for KYC then for sure that many users will start using and exchanging there, as most of the exchanges are like that in the beginning.

[zasad@]

Pavel Durov has already tried to launch a major project and was punished for this by regulators.
Now I have a question: did he agree with the regulators or not?
Pavel Durov says that he has nothing to do with this project and there was this auction recently
https://techcrunch.com/2022/10/27/telegram-announces-username-auctions-on-ton-blockchain/

[goaldigger]

As long as there’s a funds everything is possible and with Telegram, probably they will enter the market with a huge number of supporter since they are already an established platform and very helpful to crypto community. Let’s see if they are going to create their own wallet, exchange or own coin this will probably depend on the market status the time they will introduce it in the public. This can be a good update for Telegram, let’s see if they can make it since there’s already a rumor before regarding this one.

[hugeblack]

Telegram didn't have plans to launch a digital currency and even collect money from users? In general, it is not huge news, for example, Twitter has preceded them in that. The new thing may be the platform, if they succeed in designing a good platform with excellent liquidity volumes, we may witness a new shift in the digital currency market, although I have ruled out that Bitcoin is an option on that platform.

[Anonylz]

This ftx collapse could also be a blessing in disguise, I mean after the incident we have seen how exchanges are going the extra mile to provide transparency to the general crypto community.
Now the emphasis on decentralization will increase because nobody wants to witness another disaster as that of ftx, so if telegram is planning to build a decentralized wallet and exchange, it is a good idea  if the crypto community will put interest to trade on the platform as they do in centralized exchange. 

[poodle63]

I think that telegram doesn't wanna compete with binance. Telegram itself has its name auction and i think the creation of new wallet or exchange site will be related to the this kind of service. I meant telegram wants to facilitate its users to did transactions and the users will be able to converting their tokens that acquired from selling their users name instantly to the stable token or something else else like bitcoin. I think that the main purpose for the creation of wallet must be that. i don't think telegram has a big ambition to become a big thing like binance for sure.

[Wakate]

I don't see as any way of being a competitor to Binance because this is a proposal and we don't know when this will be in existence whether he's still going to accomplish this idea. If he decided to create his own exchange and cryptocurrency, that will be appreciated and interesting for his project to join other competitive crypto projects in the market since everyone has the freedom to create there own coin if it will not pose a threat to investors. I so like this attempt and I hope it will become more successful.

[harizen]

Good or bad, we don't know what will be the community's approach to that supposed plan by Telegram.

It doesn't just make sense to me that they will manage something that requires "strong security" and should be away from "craps" and "sh*ts" because in the first place, their platform itself is pure of scammers, gateway to scam, scam bots, etc.

If they were unable to at least make their chat community platform a healthy and safe place to consider, how far worst for a wallet or exchange?

[Johnyz]

There are rumors about this already last year and if this is going to happen, probably hype will be there and its value will rise more since Telegram is a good platform. I wonder though how they will utilize their own coin/token if ever, are they going to monetize telegram as well and require some users to pay some fees just like the plan of twitter? Telegram should think twice if they are going to do this.

[noorman0]

Can't rate too early.

If they decide to be an open source wallet, it will be recommended more by technical crypto professionals.
Telegram users have now reached 700 million (according to their claims), I don't think it will take long to catch up with the popularity of competitors if they want to.

[Reid]

Perhaps they should focus more on their application first. Clean it up. Because there's so much scam groups lurking in there and uncontrollable.
Before I have been using Telegram but ever since I saw a lot of dirty things happening there, I switched to Discord. Much cleaner, organized, features are better.
How can you trust some company that cannot even clean their own backyard to keep your cryptocurrencies if ever they are sure on creating an exchange?
I have high doubts about this.

[wxa7115]

GN/GM Crypto fam 

I've recently come across this story about Telegram planning to launch its own wallet/exchange and wanted to see your opinion on the matter, since I don't know how to feel about it or if it's good for the overall crypto space or not.

Telegram’s founder and CEO, Pavel Durov, announced today on his Telegram channel that he is planning to build "a set of decentralized tools." These will include non-custodial wallets and a decentralized cryptocurrency exchange. Durov also talked about the state of centralization in digital assets, and the role FTX played in it.

Do you think that this could actually work, and potentially be a decent rival to Binance?

There are many good wallets already so we do not really need this, now if they are planning to release their own centralized exchange we do not really need them either as it is not as if we are lacking in that aspect as well.

The interesting part will be if they actually develop their own decentralized exchange, more than the technology itself the popularity of telegram could draw many traders to use it and bring a lot of volume to it, which has been the main weakness of decentralized exchanges compared to their centralized counterparts.

[DanWalker]

Perhaps they should focus more on their application first. Clean it up. Because there's so much scam groups lurking in there and uncontrollable.
Before I have been using Telegram but ever since I saw a lot of dirty things happening there, I switched to Discord. Much cleaner, organized, features are better.
How can you trust some company that cannot even clean their own backyard to keep your cryptocurrencies if ever they are sure on creating an exchange?
I have high doubts about this.

It's merely an app, it provides a platform for people to use, and people use it for what purpose is human behavior? You can't blame them. Telegram is not the only place scammers operate, you can find them on Facebook, twitter, and even on the discord you are using. Scammers are less active on discord because it is simply not as popular as Twitter or Telegram. If the telegram is really useless as you say, the projects have ignored it instead of using it as an official communication channel to connect with investors.

[o48o]

-cut-
Do you think that this could actually work, and potentially be a decent rival to Binance?

The fact that scamming and bot problem in telegram has only grown makes me think how much effort they will put in this then. Decentralization in context of all of this seems to echo just lack of responsibility when things turn bad just like in telegram.

However, if they would pull this off maybe they have thought of something others haven't. Telegram has the best GUI in chatting programs out there. It's sleek and intuitive and useful. Minimalistic as IRC, just easier to use. So i am hoping this exchange would be designed to be as intuitive as telegram. Because that would rise crypto adoption. Sadly the amount of scammers in telegram too.

And what comes to binance... I don't see any decentralized service as a rival to them.

[yazher]

Pavel Durov has already tried to launch a major project and was punished for this by regulators.
Now I have a question: did he agree with the regulators or not?
Pavel Durov says that he has nothing to do with this project and there was this auction recently
https://techcrunch.com/2022/10/27/telegram-announces-username-auctions-on-ton-blockchain/

I think they already fixed the problem and they will now come up with another feature because they know how they messed up last time because of the regulations that they failed to do. Most likely this has already been discussed with the SEC and when they gonna launched it, they will have no problem like before. Anyway, there will be some added features like they are now making their own exchanges and this is actually good news for us because since we lose some good exchanges this year, I hope the next one will be good and reliable.

[kelonmusk]

I'am not aware of the specific details of this proposed project, but I have heard that Telegram is not only building its own blockchain, but is also planning to launch other decentralized systems.

I think, if this plan is correct the number of Telegram subscribers alone is enough to give it a bigger market share than most exchanges. However, its long-term vision is to create an entirely new decentralized exchange app ecosystem, making it a potential rival to Binance or other centralized exchanges. In that sense, it may not be a direct rival but rather a catalyst for disruption in the cryptocurrency exchange industry.