People who ignored Telegram and its first cryptocurrency sale are likely regretting doing so.
Telegram Is Turning Heads with Its New Coin Sale
Trying to compete with Facebook’s new Libra coin, private chat forum Telegram has announced that its new digital asset, the Gram, will be available to the public in the third quarter of 2019. The cryptocurrency is not only being released relatively soon, but it has also shot up in price by roughly 200 percent. That’s a lot of money traders could be enjoying right about now if they had purchased Gram units during the company’s first initial coin offering (ICO), which occurred in March of 2018.
At that time, one Gram was being sold at just over $1.30, though this time around, a unit of the currency is selling for four dollars even. That’s an increase of more than 50 percent. The second sale of the currency will begin on July 10 of this year.
The previous March sale has gone down as one of the biggest cryptocurrency sales in history. Thus far, the company’s developing blockchain system has managed to accumulate nearly $2 billion from “qualified investors.” In addition, Telegram has over 200 million users.
This second sale will be a little different. Telegram has partnered with South Korea’s Gram Asia so that users can purchase new units of the coin through the Japanese cryptocurrency exchange Liquid. Those who use the platform’s digital asset – known as QASH – to initiate sales and make purchases will only pay $3.50 per coin rather than the full four-dollar amount, thereby lowering the price by 50 cents each. It may not seem like much at first glance, but the more one buys, the more they’re likely to save in the long run.
Telegram was founded by Pavel Durov, which one source describes as a “self-exiled Russian.” Durov says that he would like Gram’s transaction frames to be faster than those of both bitcoin and Ethereum, and he’s seeking a potential partnership with major credit card company Visa for assistance. While daily or regular crypto transactions are many, they do not compare with the growing number of credit card payments that occur within 24-hour periods. Visa handles tens of thousands of transactions per minute.
We’ve Got to Go Faster
Durov is also seeking assistance from Mastercard, which earns spot number two after Visa on the list of credit card companies with the most transactions. Users who own units of Gram can use the coin to make various purchases through Telegram’s new blockchain system. They can also garner user applications, utilize data storage services and avoid censorship attempts.
Libra has been quite the marker for several crypto outlets and forms, including bitcoin, which at press time is trading for nearly $11,500. This is a near $1,000 spike from yesterday.