Asian Tech Press (Dec 2) -- Messaging app Telegram plans to create decentralized cryptocurrency exchanges.

Telegram is planning to build decentralized tools for the cryptocurrency industry, including exchanges and storage options, Telegram CEO Pavel Durov said Wednesday.

Durov said Telegram will work to develop non-custodial wallets and decentralized exchanges that allow people to securely trade and store cryptocurrencies.

"This way we can fix the wrongs caused by the excessive centralization, which let down hundreds of thousands of cryptocurrency users," he said.

Last month, the cryptocurrency exchange FTX experienced a significant liquidity crunch that caused a stir in the cryptocurrency industry. Subsequently, the once second largest crypto exchange in the worl filed for Chapter 11 bankruptcy.