Some companies raise enormous amounts of money when it comes to issuing their own cryptocurrency. Telegram is definitely one of those companies. The firm is scheduled to release its Gram cryptocurrency by October 31st, 2019. If it fails to do so, Telegram automatically loses more than $1.6 billion.
According to press, Telegram has set a tight deadline to deliver the coin to the markets. Up until October 31st, it needs to comply with all regulatory requirements and do so in a very timely manner. At first, Telegram was rumoured to be launching an ICO, but after it realized how difficult that would be, the company decided not to go with the plan. According to Techspot, Telegram is one of those companies that does not really have a good relationship with governments.
After all the hustle, however, it seems that Telegram will be launching the Gram cryptocurrency by the end of October this year. The Gram wallets will be rolled out to around 200 million of Telegram’s users, which is roughly 66% of its total user base.
According to Techspot, Gram can be compared to Bitcoin, as the cryptocurrency will probably be very secure and encrypted, just like Telegram’s platform. As good as this may sound to investors, regulators might be jumping to get some regulatory “perception” as to what issues this cryptocurrency can create. Some have even compared Gram to Libra, Facebook’s cryptocurrency “baby”, but the two will be very different.
Telegram has reportedly raised $1.7 billion from around 200 investors. The tricky part, however, is that if Telegram fails to launch its cryptocurrency to the market, it will lose its investment.
While investors and users might be impatient already to get their hands on the “cryptic” Gram currency, regulators might have something else on their minds before that happens.