Even though Facebook has been having a struggle with regulators over Libra, another social media network, Telegram is reviving its ambitions of launching its Cryptocurrency.
Telegram’s Cryptocurrency – The Gram – is expected to go public soon. The NewYorkTimes reports that the “first batches” of the coin are expected to be shipped to investors in the next two months.
As a quick recap, Telegram had its cryptocurrency ambitions back in 2018. The social network went ahead and raised $1.7 billion from investors some of them from the infamous, Silicon Valley.
Since Telegram agreed to deliver the coins before Oct. 31, 2019, the social network is entitled to give back the money if it does not meet the deadline. This explains why the company is now racing to deliver before the deadline.
The Gram will be stored in gram digital wallets that Telegram plans to roll out to over 200million users currently using the platform. Just like Bitcoin, The Gram will also be decentralized, making it easier to circumnavigate government authorities.
Telegram itself has already faced scrutinization as a social network in the past, tussling with different governments, leading to bans in some countries. Decentralization means Telegram will have no control over the Cryptocurrency, a similar root of the platforms’ problems with some governments.
The company plans to roll out its test network of the Gram network in the next week, some investors revealed.