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Gram: Telegram Set To Launch Its Own Cryptocurrency This Year

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It is cryptocurrency season as Telegram is now planning to go public with its own cryptocurrency called Gram. The world is still trying to deal with social media platform Facebook’s Libra cryptocurrency. However, the messaging app company, Telegram, is following closely regardless. Telegram plans to launch its first batch of crypto coins as early as October 2019.

 

Earlier, Telegram announced that it was cancelling its initial coin offering (ICO). Surprisingly, at this point, the Gram, as Telegram calls it, is now set for release. Telegram is looking to meet a 31st of October deadline for the release of the crypto coins. The company has a lot at stake if it does not. Telegram will have to legally forfeit the $1.7 billion (₦615.4 billion) raised for the coins if they don’t make it happen in two months.

 

Telegram

 

The legal documents require Telegram to make the coins a reality as soon as possible. Users will be able to store their crypto coins in a Gram digital wallet. Telegram intends to make the wallet available to all its over 200 million users around the world.

 

No Gram, No Money!

It is not clear how Telegram will be able to pull off the cryptocurrency amid global scrutiny. The company may have to face its fair share of issues especially as it is a decentralised messaging app. It has also had a history with some governments in the past. It also doesn’t help that the founders are Russians.

 

The app was founded by two Russian brothers, Nikolai Durov and Pavel Durov. It has also been a huge competition for Facebook’s WhatsApp, especially after some downtimes that made a lot of its users download Telegram as a more secure and reliable option.

 

As it is, Facebook’s Libra already faces a lot of opposition. The global economy does not think it can trust a social media company with financial power. Most especially one that has had a history filled with data breaches.

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