Payam Javan: Telegram is stepping in to offer trustworthy and decentralized alternatives as the collapse of the cryptocurrency exchange FTX undermines confidence in the industry’s dominant participants.

The CEO and founder of Telegram, stated that the business would start developing “non-custodial wallets” and “decentralized exchanges” that would allow millions of users to securely trade their cryptocurrencies.

According to Pavel Durov, the project should be more than doable because it only “took 5 weeks and 5 people, including myself” to construct Telegram’s decentralized auction platform, Fragment.

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, which is the SEC-squelched spiritual successor to Telegram’s earlier blockchain ambitions.