Telegram to launch Gram cryptocurrency wallet or accept a forfeit of $1.7 billion!

Today, Telegram made a huge announcement. It told its investors that within the next two months, it is planning to launch its first batch of coins, Gram. Telegram is planning to make Gram digital wallets available to about 300 million global users of the application.

These interesting facts are leaked by none other than the three investors themselves but they made a condition of anonymity because they have signed a non-disclosure agreement with the software company. They further disclosed that as per Telegram’s plans, users will be able to store these coins in Gram digital wallet.

Back in 2018, Telegram raised $1.7 billion from big investors for the sake of this project. Then we heard that Telegram is going to cancel its ICO (Initial Coin Offering) and everyone was surprised. It seems that Telegram never really shifted from its cryptocurrency target.

Now, the company has given itself a deadline.; a deadline for delivery by 31st October this year, otherwise it will legally forfeit the raised amount of $1.7 billion to make these coins a reality.

Telegram to launch Gram cryptocurrency wallet or accept a forfeit of $1.7 billion!
Telegram’s Gram cryptocurrency

The Times reported that the deadline of 31st October is indeed real so the company is trying their best to make those coins a reality as quickly as possible.

However, it should be noted that it is unclear how the regulators will react to the upcoming Telegram cryptocurrency. The closest parallel of what Gram will be is Facebook’s Libra and it has encountered some real difficulty in dealing with the scrutiny.

Alex Safonov, Co-founder and CEO of Telegram said “Cryptos biggest obstacle is mass adoption and what we’ve created will help people comfortable with trading cryptocurrency without using real money. Our goal is to give people an avenue to participate in peer-to-peer transactions without risks on one of the largest messenger platforms, Telegram. This will help teach consumers the ins and outs of how the messenger banking ecosystem works, creating consumer confidence and furthering mass-market adoption of digital assets.”