One of the leading messaging application, Telegram is charging ahead with its own digital currency. Telegram claim the new currency, Gram will become a new online currency. Eventually this is a way to move money anywhere in the world.
As per the reports from The NewYork Times, Telegram has told investors that it is planning to send out the first batches of its coin, the Gram, within the next two months. In Addition, Telegram might also launch Gram digital wallets. This will be available to the 200 to 300 million global users of Telegram’s messaging application.
Unlike Facebook’s Libra, The gram is not backed up by traditional currencies held in bank accounts. The platform claim that Telegram’s Gram token will be backed by nothing and gain or lose its value, like Bitcoin, by whatever someone is willing to pay for it.
Once Telegram releases the coins, it has said the coins will be governed by a decentralized network of computers. This will give Telegram no control over how and where the coins can move.
Previously, the prominent American venture capital firms Benchmark and Lightspeed Capital, along with many Russian investors, contributed in the Gram fund-raising in 2018. Investors put up $1.7 billion in exchange for the promise of future Grams.
The platform promised in legal documents that it would deliver Grams to investors by Oct. 31, 2019, or return their amount. The company is now racing to get the coins out before that deadline.
Additionally, as coinpedia reported earlier, the platform announced that the first version of TON, the Telegram blockchain, will be launched on September 1st.