Founder and CEO Pavel Durov claimed that in less than a month, the company sold $50 million in usernames on The Open Network, a blockchain developed by the company.

The platform was introduced in October on the decentralized layer-1 blockchain The Open Network (TON), a protocol developed independently in 2021 after the Securities and Exchange Commission rejected Telegram's proposed version.

Telegram enabled users to purchase usernames for its app through a blockchain-based platform. The platform permits interested players to purchase available usernames and secure ownership on its "The Open Network" blockchain.

When purchasing a domain name, customers pay with the TON cryptocurrency, the network's native asset. Sales have surpassed $50 million in the last four weeks, according to Durov in a Telegram message. Individual usernames have made significant money on the platform. 

According to data from the official website, the username @news was auctioned off for 994,000 TON, or about $1.7 million.

Durov stated that in the future, Fragment would go beyond usernames and develop a variety of blockchain tools for Telegrams, such as crypto wallets and decentralized exchanges. According to Durov, such services could be accessed from within the app.

"Telegram's next step is to build a set of decentralized tools, such as non-custodial wallets and decentralized exchanges, to enable millions of people to securely trade and store cryptocurrencies," Durov explained.

What do you think about Telegram’s decision to use blockchain technology? Drop your comments by sharing this article on social media.

Posted 
Dec 1, 2022
 in 
Crypto News
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