These days more companies are looking to launch their own cryptocurrencies. Facebook announced their own plans earlier this year and now it looks like Telegram wants in as well. This is actually not the first time that Telegram expressed interest in launching their own cryptocurrency.
Previously, they had plans to launch “Gram” but later cancelled it. However, in a new report from The New York Times, it looks like the company will be pushing ahead with the launch anyway. The launch should be soon because apparently, Telegram has until the 31st of October to make it happen, otherwise they will have to forfeit the $1.7 billion that the company had raised in order to make it happen.
We’re not sure what the company is hoping to achieve with its Gram currency, but given that Telegram prides itself on being a secure messenger service with encryption, perhaps it’s looking to appeal to users who might appreciate the security. However, the only question is whether or not regulators will have anything to say about it.
When Facebook launched its own Libra cryptocurrency, many had voiced their opposition to it, so much so that Facebook themselves had to caution investors that there is a chance it might not actually get launched. If Facebook is having such a hard time, we can’t imagine that it will be any easier for Telegram, but we’ll have to wait and see.