Telegram, the cloud-based encrypted instant messaging application will soon embark on a new journey. According to a report by The New York Times, it is pondering to deliver the first batches of the coin in the next two months. But here lies the catch – if it doesn’t do so, Telegram would have to legally forfeit the $1.7 billion it raised to make those coins a reality.
Telegram had a similar plan with its initial coin offering (ICO) but it was shelved. So, Gram might come as a surprise for anyone who has been following Telegram and cryptocurrency closely.
“A whole new economy saturated with goods and services sold for cryptocurrency will be born,” the company said in a document sent to potential investors in 2017.
David Gerard, a cryptocurrency analyst, and critic, recently wrote on his website, “I don’t see how on earth Telegram can possibly get something compliant with regulators in place by the end of October.” He added, “Telegram’s plans for Gram look very like Facebook’s plans for Libra — a large network runs a token as a private interchange currency, with completely private issuance, with questionable backing.”
Legal documents reviewed by Times corroborate that October 31st deadline is real. Hence, the company is going all guns blazing to make those coins real, as soon as possible. If it doesn’t deliver, it will give back the money.
Some anonymous investors divulged a few details. According to them, users will apparently store them in a Gram digital wallet, one that Telegram plans to offer to all its 200+ million users around the world. They also added that before the coins are made public, a test version of the Gram network will be released within the next week or two.
Telegram’s crypto-journey could give it a boost for a massive fortune.