Telegram is launching its cryptocurrency ‘Gram’ in October, as per The New York Times report. The encrypted messaging service wants that its cryptocurrency operates as an online currency, allowing people to transfer money globally. It will function in a similar manner as the newly revealed, Facebook cryptocurrency Libra.
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It will be released by the end of October. Telegram is planning to provide digital wallets to millions of its users.
Telegram did not comment on this. Quite unlike Facebook, Telegram has been quietly working on its cryptocurrency. Not much is known about it. According to the reports, the work on it started back in 2017. The company raised $1.7 billion from the investors for initial coin offering.
Similar to Bitcoin, the Gram will be decentralized. It will not be controlled by Telegram. This can help it avoid a few of the government regulations. Facebook, however, went through intensified scrutiny of Libra since its announcement in June.
The advantage that big names like Telegram, Facebook has over other companies when launching their cryptocurrency is that they already have huge number of followers. So they will get a jumpstart when they officially launch their cryptocurrencies.