Pavel Durov, founder of Telegram, just announced that Telegram will begin building a new set of decentralized tools including non-custodial wallets, decentralized exchanges, and more for users on the popular messaging app which has quickly become a preferred destination for web3 communities.

Telegram has already begun building on their own blockchain network, called The Open Network (TON), which hosts the Fragment auction house and will soon feature more options for users following the latest statement.

In his announcement, Durov expressed concern over the reliance on centralized exchanges and a belief that web3 users are losing sight of the purpose of decentralization without noticing. He stated “Cryptocurrency users should switch to trustless transactions and self-hosted wallets that don't rely on any single third party.”