The recognized messaging application Telegram is expected to launch its Gram token before the end of this year, in October. The information was reported by The New York Times on August 27. This will be one of the first cryptocurrencies launched by a messaging platform.
Telegram To Launch Gram Token
After a bear market in the cryptocurrency space and many rumours about Telegram’s Gram token, the virtual currency is expected to be released as soon as in October this year. The firm started this crypto project in 2018 by gathering around $1.7 billion in a pre-sale of tokens. This was the reason why Telegram had to cancel its Initial Coin Offering (ICO). The pre-sale was a success.
Many crypto enthusiasts suggested that Telegram had high expectations for their project. Indeed, the new network was announced as a next-generation blockchain. In addition to it, there was no working prototype for the Telegram Open Network (TON).
The wallet that would be released to the market is going to be available to all of its 300 million users around the world. This digital asset is expected to make cross-border payments cheaper and faster. This digital asset is going to be a competitor to Facebook’s cryptocurrency Libra.
It is worth mentioning that the cryptocurrency wallet Button Wallet informed they are launching the first free crypto testing network that is powered by TON.
On the matter, the co-founder of Button Wallet, Alex Safonov, commented:
“Crypto’s biggest obstacle is mass adoption and what we’ve created will help people be comfortable with trading cryptocurrency without using real money. With all the fanfare surrounding Facebook’s Libra digital currency, there hasn’t been a way to explore digital assets without risk, until now with Button Wallet and the Telegram Open Network.”
Facebook, the largest social media network around the world has also announced the creation of a digital currency and blockchain network. The project called Libra is expected to be released next year around the world. Facebook has over 2 billion users around the world that have already created an account on the platform.
At the moment, there are many questions and doubts from regulators. Some of the worries are related to the fact that Facebook’s digital asset could eventually compete with other fiat currencies. Telegram could eventually help regulators understand which is the impact that these new cryptocurrencies have around the world.
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