Telegram’s crypto launch that will happen as soon as October will have a direct move against competitors such as Binance, Facebook’s Libra and regulation as we can read in the latest cryptocurrency news today.
Multiple anonymous investors who spoke to the New York Times on August 27th said that Telegram’s crypto launch and also the issuance of the Gram tokens could also soon start a serious competition on the market. The deadline while still not specific will happen in the next two months and the publications did not mention what the relationship with the investors had to Telegram but stated they could be individuals who bought Gram during the private initial coin offering in 2018.
Telegram managed to raise up to $1.7 billion during the sale which leads to the executives canceling the public phase. According to the Times, Telegram ‘’is also planning to make Gram digital wallets available to the 200 million to 300 million global users of Telegram’s messaging application’’ which is a move that could see Libra falling down to the knees but still without an official launch schedule. The upcoming release would also raise some questions over compliance since Facebook’s has spent a lot of time battling scrutiny from regulators from around the world and the scrutiny still remains hard. The Times also noted that Telegram’s development process for Gram is still remaining under the radar.
The public release could trigger huge backlash which itself is a huge conundrum for authorities while Libra still faces a huge problem with a ban upon the release of its whitepaper despite the previous attempts by the Governments to block Telegram have proven unsuccessful. The crypto-focused lawyer Richard Levin noted:
“I suspect that regulators will take a very close look at this offering.’’
In the meantime, Libra does not constitute Telegram as the only competitor with the Gram token. In the offering, both an in-house token and cryptocurrency trading the messaging app closely mimics the plans from the crypto exchange Binance. The latter announced the creation of Libra lookalike Venus which the company is offering to offer look-alike bank services with a crypto loan feature. As noted in the coming altcoin news and according to Binance’s blog post explained:
“With Lending, Binance users will be able to grow their funds by earning interest income for lending out their holdings over a specific period of time.’’
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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