Encrypted chat system Telegram and crypto custodian platform Anchorage are co-launching the gram (GRAM) coin. 

According to Live Bitcoin News, the development has sparked rumors of Anchorage leaving Facebook’s Libra Project, following the widely publicized departure of PayPal.

Anchorage: Gram to Coexist with Libra

Anchorage’s support for Telegram has left many speculating that the encrypted custodian platform might consider ending its partnership with Libra. The speculation comes on the heels of PayPal’s recent termination of support for Libra, although the latter has confirmed that PayPal’s disappearance would not negatively impact the currency.

Anchorage is one of the 28 governing bodies in Facebook’s Libra Association. Diego Monica, Co-founder and President of Anchorage, denied the rumors, saying Anchorage is not considering withdrawing from Libra for Telegram.

“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,” said Monica.

“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.”

Development Without Regulatory Pressure

There’s a stark difference in the approaches to developing Libra and gram. While Libra is seeking government approvals and more partners to join the Libra Association, gram is still operating in secret, leaving regulators cautious about approving it.

Telegram sold almost US$2 billion of GRAM tokens in an initial coin offering (ICO) in 2018, despite stringent examination. Nevertheless, Anchorage will soon allow institutional investors to store GRAM after about a third of the ICO investors have signed up for services.

Referring to the Telegram Open Network, Monica said, “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.”

Source: www.livebitcoinnews.com

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