TechInAfrica – Earlier this year, Facebook launched its own cryptocurrency “Libra” which had been followed by other companies these few months. Now it is Telegram’s turn to follow the same path by launching its own cryptocurrency called Gram ahead of the October 31st this year. Telegram has to meet the deadline if they do not want to forfeit the $1.7 billion it had raised.
In fact, this is not the first time for Telegram showing interest in launching its own cryptocurrency. It once planned to launch Gram but then canceled it for certain reasons. Now, the company seems to be more certain to launch Gram sooner than expected.
Realistically speaking, it is not the best time to launch a cryptocurrency as the environment is not favorable at the moment. It is reported that many companies had to forfeit their crypto projects due to the amount of negative press initial coin offerings (ICOs).
Following the public criticism on Libra, Facebook had to deal with regulators which had put the plan on hold. On the other hand, Kik’s ‘kin’ has also dealt with the U.S Securities and Exchange Commission (SEC).
Nevertheless, these series of issues regarding cryptocurrency do not seem to bother Telegram to launch its own cryptocurrency. It is pushing ahead with its postponed plan to release Gram. The company explained that Gram will make a decentralized network similar to Bitcoin. This will make it easier for its users to bypass government regulations.
According to The New York Times, Telegram which is currently being used by 300 million people around the world, will also provide Gram wallets for two-thirds of its users. This large base users of Telegram could make Gram the option for international payments using cryptocurrency.