The popular messaging app Telegram is set to launch its GRAM cryptocurrency wallets in October or November. With over 300 million using the application, it’s only natural that the news creates somewhat of an excitement. However, according to popular trader and analyst Tone Vays, GRAM is a little scammy.”
GRAM Coming In October or November
A recent report revealed that Telegram has informed its investors that its GRAM digital wallets will become available within the next couple of months. The company will be sending out the first batches of its coins.
Telegram is one of the most popular messaging applications praised by many for its high-level encryption. The app is reportedly serving upwards of 300 million users which are also seen as potential users for its cryptocurrency.
The app will be offering cryptocurrency trading through Bitcoin and cryptocurrency wallet provider called Button Wallet. This is a non-custodial and multi-cryptocurrency wallet provider and it’s launching a free testing service on the Telegram Open Network (TON).
Speaking on the matter was Alex Safonov, the CEO and co-founder of Button Wallet, who noted:
Cryptos’ biggest obstacle is mass adoption and what we’ve created will help people comfortable with trading cryptocurrency without using real money.
Tone Vays Not Having It
While some are seeing the move by Telegram as a bid to drive further cryptocurrency adoption, popular trader and analyst Tone Vays is rather critical of Telegram’s GRAM token. According to him, the company is leveraging the cryptocurrency in order to monetize its application and it’s doing so by “inventing money.”
He makes the case that this is not the right way to monetize and that they should have gone through traditional methods such as selling equity.
He also said that “it’s a little scammy” and that he’s not a fan of it.
Are they creating money for the world? Or are they simply finding a way to monetize their company? If you’re monetizing your company, you’re supposed to do it through the equity space. You’re supposed to give shares of your company. You’re not supposed to invent money.
In any case, it remains interesting to see how the situation will develop and whether or not GRAM will see any actual adoption and usage.
