Telegram beats Facebook to a token launch

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On 27th August, the New York Times reported that three anonymous investors in Telegram’s $1.7 billion private ICO said the company had confirmed it would issue the first tokens in two months’ time.

According to the story, the aim is to make the Gram token available to Telegram’s 300 million users. If the story is true, this would mean that Telegram will launch a public global digital currency before Facebook does.

As the New York Times notes, little is known about Gram on a technical level, and little attention has come from regulators compared to the reaction to Libra, but it is early days yet. Telegram has faced problems over Gram before from regulators, and nobody is certain how they are going to tackle any regulatory issues with this “free-ranging alternative to fiat currency.”

Indeed, as Cointelegraph reported, the company cancelled the public phase of its ICO, while multiple entities are seeking to sell GRAM tokens unofficially, sometimes at inflated prices.

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