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Cryptocurrency

Telegram token launches Q3 2019

Samson Ononeme | May. 24, 2019
Telegram token launches Q3 2019

According to an insider source, Telegram token launches Q3 2019 on a number of established crypto trading platforms such as Binance, Huobi, and OKEx in the near future.

May 24, 2019, | AtoZ Markets - Telegram, the encrypted messaging service is planning to launch its token, the Telegram Open Network (TON) in Q3, according to an internal note sent to the company’s investors. Despite initial doubts over whether Telegram could execute the crypto project, the messaging firm reported a successful testing process that confirmed its blockchain and consensus algorithm met the goal of its original TON white paper.

Telegram's blockchain project designed to host Dapps

The firm said the testing period "reaffirms our belief that the TON virtual machine and the TON ... Byzantine consensus algorithm are capable of meeting the goals stated in the original white paper," according to a source. Telegram's blockchain project is designed to host decentralized applications, similar to Ethereum.

In February, Telegram reported in an investor update that TON was 90% complete. The firm is also said to list TON’s native tokens, GRAM, on Asian exchange such as Binance, Huobi, and OKEx. It's $1.7 billion ICO is one of the largest to date, attracting investors including Benchmark, Sequoia Capital, and Kleiner Perkins Caufield & Byers.

Telegram was founded by the brothers Nikolai and Pavel Durov in 2013. The firm raised almost $1.7 billion in two private initial coin offering rounds last year. The platform boasts over 200 million users. In April, TON’s development team has partnered with German financial services provider Wirecard. TON Labs will work with Wirecard to develop digital financial products.

Facebook’s Global Coin launches in 2020

In another development, while Telegram is getting ready for the launch of its blockchain, Facebook is going to start testing its GlobalCoin by the end of 2019. After Months of anticipation, the social media giant has announced its plans to set up a digital payments system via messaging apps, which is expected to be open for users in 12 countries, by the first quarter of 2020 according to a BBC report Friday

The BBC also reported that Facebook had been in talks with the U.S. Treasury and the Bank of England governor Mark Carney about its crypto plan. The next step, it said, is to confirm liquidity providers and exchange to store and trade the asset, with the firm reportedly in talks with Gemini and Coinbase.

The coin has been in the making for months, with Facebook having ramped up its hiring efforts to build a blockchain team of over 30 people by the end of 2018, working at a breakneck speed according to a New York Times report. Earlier this month, the firm also found a fintech firm in Switzerland and lifted a ban on crypto ads on its site as AtoZMarkets reported.

More news is expected soon, as Facebook is expected to launch its rumored stablecoin network "in the coming weeks."

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Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.