A recent report suggests that Telegram’s Gram token will beat Facebook’s Libra crypto offering to market. Specifically, investors have told mainstream media outlets that the encrypted messaging application will launch its Gram digital currency in October.
Investors shed light on Telegram’s Gram digital currency
This comes following a highly published initial coin offering (ICO) held by Telegram. At the time, this ICO attracted the largest amount any private ICO had. In fact, Telegram’s ICO saw a staggering $1.7 billion raised in the process.
Now, ICO investors have reportedly told The New York Times that Telegram has confirmed that it will issue its first tokens in two months’ time. Moreover, another Telegram Open Network investor has also said that platform tests are imminent.
According to this anonymous investor, Telegram’s team is supposedly aiming to begin platform tests on September 1st. In addition to this, the goal for Telegram executives with Gram is said to be to make Gram more widely available.
Specifically, making the Gram digital currency available to Telegram’s approximately 300 million users could make the currency a major force to be reckoned with. However, an October launch would also have a significant psychological effect.
Telegram will seemingly beat Facebook’s Libra to market
This would mean that Telegram would beat Facebook’s Libra cryptocurrency to market. Although much has been made about Facebook’s ongoing foray into the world of digital currencies, Libra has also attracted substantial regulatory pushback.
On the other hand, not much is yet known about Gram’s technical nature. As such, it is unclear exactly how Telegram will please regulators in the US. This means that there is still some uncertainty as to the launch of Telegram’s Gram.
One should note that Telegram has already seen some difficulties in relation to Gram. Telegram has previously canceled the public phase of its initial count offering. However, some entities are nonetheless unofficially selling Gram tokens.
Beating Facebook to market would be a substantial victory for Telegram if achieved. However, it is worth stressing that the Gram digital currency will need to have solid technical fundamentals in order to be successful long term.
Simply being the “first to market” will likely see Telegram’s Gram soon surpassed by other, more useful alternatives. With that said, if Telegram manages to release a technically solid fiat currency alternative, this could likely attract a substantial user base.
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.