Wait...why is a messaging service (Telegram) building a decentralized crypto exchange?
Why does an encrypted messaging service like Telegram need its own decentralized crypto exchange (aka a 'DEX')?
Well...it doesn't.
But it wouldn't hurt, given:
Telegram's whole value pitch is centered around privacy & security.
The app's crypto-loving user base.
The FTX collapse highlighting the problems of centralized exchanges.
This move is kind of like Apple releasing AirPods at the same time they removed the headphone jack from the iPhone.
It doesn't necessarily have to happen, but it makes total business sense.
(Although in Apple's case it was totally orchestrated, Telegram's not so much).
The common thread between a private messaging service like Telegram, and a DEX is they're both trustless.
Which sounds bad - but it's actually a good thing.
When you send a 'Secret Chat' message to someone on Telegram, the message is encrypted, end-to-end. Meaning, the only devices that have the password to unlock the message is your phone, and the phone receiving it.
So you don't have to trust that Telegram aren't secretly collecting/reading your messages - because they can't. It's a trustless system.
Same goes for storing/trading cryptocurrency on a decentralized exchange. You're the one holding your funds, not the exchange. So the only thing you need to do is:
☆ﾟ.*･｡ﾟ ꧁ → trust in urself ← ꧂ ｡ﾟ･*.☆ﾟ
For the Telegram team, the DEX doesn't need to become a behemoth for their business to succeed (they've got their messaging service for that).
It's smart!
