Telegram, a cloud-based instant messaging and voice over IP platform revealed plans to launch Gram, a digital currency, to its potential investors in early 2018. The company proceeded to secure a funding of $1.7 billion to facilitate the cryptocurrency project.
However, a report by The New York Times has revealed that the messaging app plans to roll out the first batch of Gram coins in two months or risk forfeiting all funds from investors by the 31st of October 2019.
While Facebook has made its plans to launch Libra public, Telegram threaded in secrecy. It was allegedly decided to be opaque about the whole project and avoid sanctions and criticism. Telegram plans to create Gram digital wallets that will be accessible by about 300 million Telegram users.
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The report by the New York Times further revealed that the coin will leverage a decentralized network similar to Bitcoin. Remember that Bitcoin was tagged as a means for users to bypass government regulations.
According to David Gerard, Cryptocurrency Analyst and Critic, the government will keep a close watch on the crypto to see how it unfolds. He revealed that so far, the government has not discovered any plans regarding the currency.
Telegram’s Gram might join Facebook’s Libra to offer digital currency to the globe. In June 2019, Facebook revealed its plans to launch a cryptocurrency tagged Libra by 2020.
Following the announcement, Facebook has hit a lot of brick walls with regulators, consequently causing the launch plans to be put on hold.