Telegram instant message service is working secretly on something for over a year now. However, Telegram recently unveils its plan of getting ahead of Facebook when it comes to launching a cryptocurrency. The recent revelation reveals that Telegram will come up with a new cryptocurrency, namely “Gram” with a new project.

Currently, the cryptocurrency and blockchain enthusiasts around the world do not have much idea about the entirety of Gram. However, the recent reports suggest that Telegram is aiming to create quite an accessible service with the forthcoming cryptocurrency. Telegram also said that using the new cryptocurrency will be relatively more straightforward given that there are several regulations in the cryptocurrency market.

In the new document which did go through a leak on the online, Telegram reveals its plan with Gram. According to recent sources, Telegram said that it wants to curate an utterly standard version of cryptocurrency for regular exchanges. Moreover, the ordinary people who do not know anything about the cryptocurrency can use Gram in their everyday lives.

What else does the document suggest?

The document also suggests that the end-to-end messenger would conceive a system comprising a fast and secure payment system. Telegram also said that shortly Gram would become an alternative to Mastercard and Visa in a decentralised economy.

On the other hand, Facebook also came up with a plan of releasing a cryptocurrency of its own. According to Facebook’s official announcement, Libra is going to release sometime in 2020. Telegram aims at beating the social media giant after launching Gram. On the other hand, the reports from the New York Times suggests that Gram will release in two months. The origin of the story indicates that an anonymous investor of Gram came forward with the revelation.

So far, Gram did also raise around $1.7 billion with the help of 200 investors. Moreover, Telegram did raise a massive number of funds with the help of Initial Coin Offering. By the looks of it, Telegram did conduct the ICO in two distinctive stages. Moreover, the report comes from the filings of the Securities & Exchange Commission.

Several media reports also suggest that the messenger did cancel the ICO after garnering massive funds. The people who have a deep interest in Gram have to wait until the new cryptocurrency releases in a couple of months.

Telegram is yet to unveil Gram officially

Telegram is yet to officially announce the curation, development and release of Gram. Experts are suggesting that Telegram wants to surprise the world by releasing Gram all of a sudden. Nevertheless, the news about Gram is spreading among the investors like wildfire across Asia, Russia and America. Moreover, the investors are entirely bound to keep things confidential until Telegram instructs them to reveal about the cryptocurrency. The source who came up with information said that most of the investors did receive an invitation to participate in the ICO.

According to Manuel Valente, the director of Coinhouse, Telegram and Facebook are currently trying to fill in the space that blockchain was not able to do. The tech giants will allow the users to exchange a minimal number of amounts without having to go through applications and banking. There is a highly likely chance that a new age of cryptocurrency has begun.