Telegram – the encrypted chat system that now boasts more than 30 million users – is partnering with crypto custodian platform Anchorage to ensure Telegram’s new cryptocurrency, the gram, is added to its list of token offerings.
Is Telegram Set to Conquer Libra?
Anchorage is one of the 28 governing bodies in the Libra Association. The bad news is that recently, PayPal – which has been one of Libra’s primary supporters through David Marcus, a former PayPal exec and the head of Facebook’s blockchain department – has rescinded its support of the Association and will no longer hold a seat on the board. While Libra assured potential users that PayPal’s disappearance wouldn’t affect the coin in a negative light, it caused many to think twice about the currency’s position and alleged strength.
Now, with Anchorage showing support for Telegram, could it be possible that Libra is about to lose another partner? Could Libra potentially lose two major partners in a row like that granted Anchorage decides to switch gears?
Anchorage co-founder and president Diego Monica suggests that the company isn’t considering leaving Libra altogether for Telegram. Trying to calm down users, he says:
We don’t view gram and Libra as competitors but as complements. Just as the dollar, pound and euro happily co-exist in the same financial system, crypto isn’t winner take all. There is already a vibrant ecosystem of many cryptocurrencies with different features and use cases, and that trend will continue… Gram and Libra have completely different underlying technologies and are meant for different use cases, with Libra primarily aimed at increasing global financial inclusion and Gram primarily aimed at facilitating in-app payments for its existing user base.
The custodial company is set to allow institutional investors to store their gram tokens. The chat company ultimately sold nearly $2 billion of these tokens in an initial coin offering (ICO) in 2018 and intrigued the curiosity of several institutional players despite some harsh regulatory scrutiny that almost knocked the currency out of existence. About a third of these ICO investors have already signed up for services being offered by Anchorage despite these ups-and-downs.
Libra and gram couldn’t be more different from each other. Libra, for the most part, has sought the approval of government regulators and is examining additional partners to add to the Libra Association to ensure the coin is governed appropriately and never strays too far from legitimate territory.
Gram on the other hand, has been developed entirely in secret, angering regulators. Many users, i.e. protestors in Hong Kong, see Telegram as a means of keeping their identities private and secure.
Setting the Price for Oneself
Monica further states:
The free market price for existing grams may be different than the TON Reserve price set by the TON Reserve for new grams, and users are expected to seek the lowest price.