Telegram offers $50 million worth of usernames on the Open Network blockchain

Telegram has sold over $50 million in usernames, according to the company’s creator, Pavel Durov.

In just less than one month, Telegram reportedly sold $50 million worth of usernames on The Open Network, a blockchain the firm created, according to Telegram founder and CEO Pavel Durov.

In October, Telegram enabled users to purchase usernames for its app using the blockchain-based Fragment platform. The platform enables interested parties to purchase available usernames and establish ownership on its “The Open Network” (TON) blockchain.

When purchasing a domain name, customers pay with TON, the network’s native coin. In the last four weeks, Fragment sales have exceeded $50 million, according to a message sent by Durov through Telegram. On Fragment, several Telegram users have generated substantial amounts of money. According to the official website, the username @news was auctioned for 994,000 TON, or about $1.7 million.

Durov said that in the future, Fragment would grow beyond usernames and provide a variety of blockchain-based solutions for Telegram, such as crypto wallets and decentralised exchanges. Durov noted that such services may be accessible from inside the Telegram client.

For millions of users to safely trade and store cryptocurrencies, “Telegram’s next step is to construct a set of decentralized tools,” Durov stated. These tools would include non-custodial wallets and decentralized exchanges.

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