Telegram is launching its cryptocurrency by the name of Gram

The cloud-based instant connectivity application is soon going to launch its cryptocurrency.

Being termed as ‘Gram’, the new cryptocurrency from the social media giant will soon be launched with the company introducing the first batches in two months. Earlier we had heard that the tech company could be scrapping its plans to launch a cryptocurrency but according to new reports, Telegram has notified its investors that it would be launching a cryptocurrency for itself.

The cryptocurrency from Telegram would be stored by the users in their Gram digital wallets. Telegram is considering the launch of these wallets among more than 200 million users. Telegram’s Gram is different from Facebook’s Libra cryptocurrency. In principle, Libra is going to be backed by the actual currency deposits in actual banking systems. Gram is going to be more decentralized and won’t be backed by any currency.

Also read, Everything you need to know about Facebook’s cryptocurrency “Libra”

The Verge noted that Telegram needs to bring Gram coins to reality before October 31st as by not doing so it might forfeit the raised amount of $ 1.7 billion. Telegram had raised this amount earlier in 2018 from several of the silicon valley based investors. Telegram had mentioned that if it didn’t issue these coins, it would have to return the raised money. Ever since then, the company had kept its cryptocurrency plans more of a secret.

It would be worth mentioning here that Telegram hasn’t yet addressed the media directly on the subject matter. Stay tuned to TechJuice and we will keep you updated about Telegram’s blockchain project.

News Via The New York Times