Telegram is preparing to launch its own cryptocurrency called “Gram”. We already know that Facebook is surrounded by controversies and tough challenges posed by the higher authorities for its cryptocurrency Libra.
The fact that social giant Facebook is struggling to launch its cryptocurrency service itself reflects that it’s not going to be east for Telegram to launch its cryptocurrency. According to the New York Times, Telegram has only 63 days to launch its Gram cryptocurrency and if it fails to do so then the company has to completely drop this project.
Why Telegram is Forced To Launch Its Gram Cryptocurrency In The Next 63 Days?
Telegram made the plan of launching a digital currency due to funding of $1.7 billion dollar that it received in 2018. It is suggested that the New York Times has seen the legal documents signed between the Telegram and the investor. And according to the legal document, Telegram has promised its investors to launch the Gram cryptocurrency by 31st October, 219.
The main issue is that if Telegram fails to fulfill its promise to launch Gram in the next 63 days, then the company has to return the funded amount back to all the investors. This is the reason why Telegram is putting a lot of effort to deliver “the first batches” of the coin by 31st October.
More About Telegram’s Gram Cryptocurrency
A number of rumors are getting spread regarding the Telegram’s Gram currency. There was also news saying that Telegram has canceled its initial coin offering ICO.
Telegram’s Gram is a way different than Facebooks’s Libra, it will work similarly to Bitcoin. The Gram coins will be stored in the Gram digital wallet which will be provided by the company to all its 200 million users worldwide.
Telegram’ encryption feature allows the users to send encrypted messages between phones and this would lead to getting a ban from countries like Russia. It is quite interesting to see how the world is going to respond to Gram.