Telegram’s cryptocurrency project, the gram, is all set to launch. The encrypted messaging app company wants to rival Facebook as it also planned to launch its own global currency (Libra) in the next year.
Telegram, the Russian-founded company, wants to create a service that is easier to use than other cryptocurrencies (for example-Bitcoin). In a leaked document, the company said that it wants to offer a “standard cryptocurrency used for the regular exchange of value in the daily lives of ordinary people”. But most importantly, Telegram just wants to beat Facebook by launching the project before Facebook’s own deadline. For that reason, the company has raised almost $1.7 billion from 200 investors. Needless to say that it’s a staggering amount.
Note that Telegram did not say anything on the subject officially. However, information has leaked through many investors.
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According to Vedomosti (the Russian daily), Telegram will distribute the Grams to the investors within October 31.
Digital currency or cryptocurrency is one of the hottest topics in the modern world, and it will definitely play a huge role in the future. Investing in this sector will be profitable for sure. That’s why giant companies are becoming more and more interested in this sector. So, both Facebook and Telegram are looking to grab the opportunity.
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The director of the French cryptocurrency exchange Coinhouse, Manuel Valente says, “Facebook and Telegram see a space to fill.” He adds that these tech giants want their users to exchange “small amounts online” and they won’t have to go through all the banking process.
You can already sense the competition and the tension in the air. It’s still not clear who will reign supreme. But one thing is for sure, Mr. Zuckerburg will definitely have his hands full.
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