According to The New York Times report on Wednesday, the Telegram is planning to provide its own digital cryptocurrency in the fall.
This company announced that this digital money will be similar to Facebook’s newly unveiled Libra cryptocurrency and can let people transfer their money around the world.
Telegram’s digital currency which is called the Gram will be released by the end of October.
According to The New York Times report, this company is planning to have its own digital wallets in which all its users can use it.
Telegram unlike the Facebook and its partners on Libra has been working on Gram under the radar.
In 2017, this company started to work on its digital money and raised a reported $1.7 billion from investors last year in what was planned to be an initial coin offering or ICO.
Gram digital money will be similar to bitcoin so it means that it will be decentralized and will not be controlled by Telegram and government regulation. Unlike Telegram, Facebook and its partners have faced much intensifying regulatory security after introducing the libra in June.