Telegram is unfolding its potential in the likes of a Crypto wallet and currency. SEC intervenience causes a U-turn in Telegram's plans. Read on.
14 October 2019 Update:
There is a possible postpone for the launch of Telegram’s TON Blockchain and Gram token due to an order from the Securities and Exchange Commissions (SEC). In a press release, the commission states they need to “prevent Telegram from flooding the United States markets with digital tokens” because those tokens are “unlawfully sold”.
The TON Board responded by deleting all posts on its Telegram and left a recent update:
“Due to the increased level of regulatory uncertainty, we [will] take a break to analyze new information and adapt our policies.”
This can cause major issues due to the obligations that Telegram has of providing tokens to the investors by the end of October or face returning the entire sum of 1.7 billion dollars.
New York Times journalist Nathaniel Popper tweeted that Telegram backers included the likes of Benchmark, Sequoia and Lightspeed. He also added that Telegram had worked with international, New York-based law firm Skadden Arps to “get the Gram out legally.”
Nathaniel Popper, a NY Times journalist, stated the messaging platform is working with a New York law firm to handle the situation. He also added on Twitter:
Telegram convinced many of its investors that they had taken the necessary steps to avoid this outcome — but the SEC apparently disagreed.
— Nathaniel Popper (@nathanielpopper) October 11, 2019
Originally posted on 10 October 2019:
The encrypted instant messaging application Telegram revealed their Gram wallet on 26th September 2019. The wallet’s alpha version is on iOS although it operates on the Telegram Open Network (TON) testnet. Users can create a wallet and respectively send and receive Grams with sharing their wallet address. The Gram wallet is intended for its network’s token – Gram (GRM).
The popular cloud-based messaging service is thinking about rolling out a decentralized Cryptocurrency, called Gram. The altcoin is being pushed by Telegram to gain approximately US$ 1.7 million from potential investors, including venture capital companies. The catch of it is that the social network firm has to launch Gram by 31st October 2019, according to the white paper. If they don’t meet the deadline, all invested money must be returned from the initial coin offering (ICO). This will lead to the Gram wallet being empty of tokens in store.
Unlike Libra, Gram currency won’t be backed up by traditional currencies in bank accounts with its value increasing or decreasing with its buying, just like Bitcoin.
According to a report, Telegram will launch Gram wallets to 2/3 of its 200 million user base. For the investors intending to put money in Gram may be interesting to remember the sale of fake Libra, and people made huge losses of it.
A lot of people see the Telegram news as good, however, popular trader and analyst Tone Vays is quite critical of the GRAM token. For him, this Cryptocurrency is a sketchy way to monetize the app and a way of “inventing money”. He thinks this is not the proper way to go and the messaging service should have used traditional methods like equity (value of shares issued by a company). Tone Vays underlines:
“Are they creating money for the world? Or are they simply finding a way to monetize their company? If you’re monetizing your company, you’re supposed to do it through the equity space. You’re supposed to give shares of your company. You’re not supposed to invent money.”
Watch him further elaborating on the topic here:
Telegram sure gets even more exciting and raises the anticipation for the advanced technologies Telegram’s future will bring, leaving people wondering and guessing.