It has been a while since Telegram shared its cryptocurrency plans. The currency is known as Gram and went through a successful initial sale. In a new update, it seems the company will issue the first batch of Gram tokens in the next few months. The timing of this news is intriguing, as the currency will certainly be launched ahead of Facebook’s Libra.
Telegram has big Plans
It is a well-known fact Telegram wants to issue its own currency. These plans were unveiled well over a year ago. Since the initial sale of Gram, however, very few updates have been shared. To this date, the only timeline offered is how “something will happen before or on October 31, 2019. What that event will be, remains subject to speculation at this time.
Many people expect the Gram tokens to be brought in circulation at that time. However, several investors in this project claim otherwise. They mention how Telegram will issue its digital token to investors within two months. That would put it slightly ahead of the proposed timeline. No further information was shared as of yet, although it should make for an interesting period in the financial sector.
Regulatory Hurdles are Less Steep
Any company looking to issue its own currency will face scrutiny. Facebook knows this all too well by now. Telegram has gone through similar struggles, for obvious reasons. Their native token has been reviewed by the responsible agencies, yet seems to trigger less concern compared to Facebook’s Libra. A bit unusual, as it seems both projects will pursue somewhat similar goals.
Even so, it seems the sale of Gram tokens in July of 2019 has not triggered that much backlash. Considering how this was the “public sale” following the private offering months prior, one would expect some major news following the event. That has not been the case, which leaves a lot of questions on the table. Answering them will not be easy based on the currently limited information available to the public.
No Price Stability
Unlike the Libra – backed by multiple fiat currencies – the Gram will be very different. It has no real-world value to speak of right now, which makes it more akin to Bitcoin and other cryptocurrencies. Only time will tell if that is a benefit or a drawback. Cryptocurrencies do not enjoy the best of reputations at this time.
The big question is what Telegram aims to achieve with its token. The potential user base can be as big as up to 300 million individuals. Additionally, more and more people use Telegram every single day. There is a much broader target audience for Gram than Bitcoin will ever reach, at the current rate. However, if Gram fails miserably, it could prove how real cryptocurrencies are vastly superior.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.