The world of cryptocurrency is becoming a place of enormous bets on big dreams. Telegram, the popular messaging networks, is planning on launching a multi-billion ICO, according to TechCrunch.
The company is already known for disruptive technology with its encrypted messaging service. Now, they could potentially disrupt many companies across a wide range of sectors. They’re building their blockchain technology, and promise it will be more advanced than the Bitcoin or Ethereum platforms. This “third generation blockchain” and cryptocurrency would enable tons of new features for their users.
The best part is, the app has 180,000,000 users, many of who would begin using crypto for the first time. The service will be a “WeChat for Crypto” that emphasizes payments between users. So far the story is merely an unconfirmed rumor, but it is intriguing. Cryptocurrency only grows with real-world use, and nothing is more crucial than a payment system. Users of Telegram are already using the app to communicate across borders, with crypto in place they’ll be able to remit payments.
Telegram ICO Could Be the Largest Ever
The Telegram ICO could be the largest in history. Now, this one is not going to be for small-time investors to dip their toes into crypto. The company is looking to attract multi-million dollar investments from large institutions to take in billions. This innovation could pave the way for a new king of crypto Wall Street where even massive companies go public quickly using blockchain technology.
The company is going all out, according to the report, by building a new crypto (GRAM) that will run on the Telegram Open Network. The project will need to deal with scalability and speed of transactions. People making micro-payments on Telegram will expect near instantaneous results and very low fees. That is the plan, according to TechCrunch who did a review of the project’s whitepaper.
Why Does This Matter for Long-Term Cryptocurrency Investors?
Since it doesn’t look like many retail investors will be earning from this ICO, why does it matter? Well, it’s the type of deal that could push blockchain adoption across borders rapidly. It’s also not hard to guess that this would probably spur Mark Zuckerberg to find a role for crypto on Facebook. When that happens, it won’t be long until every person around is freely trading and conducting daily business with digital currencies. These developments all have a feeling of inevitability to them, which is spurring more and more positive market sentiment. This new move by Telegram is just one more sign of a golden era for this vertical.