The popular messaging app Telegram is set to launch its GRAM cryptocurrency wallet in October or November. With over 300 million people using the application, it’s only natural that the news would create some excitement. However, according to popular trader and analyst Tone Vays, GRAM is “a little scammy.”
A recent report stated that Telegram has informed investors that within the next couple of months, its GRAM digital wallet will become available and the company will issue the first batch of its tokens.
Telegram is one of the most popular messaging applications in existence, praised by many for its high-level encryption. The app reportedly serves upwards of 300 million users who are seen as potential users of its cryptocurrency.
The app will offer cryptocurrency trading via a Bitcoin and cryptocurrency wallet called Button Wallet. It is a non-custodial and multi-currency wallet which is launching a free testing service on the Telegram Open Network (TON).
Alex Safonov, the CEO and co-founder of Button Wallet, noted:
Cryptos’ biggest obstacle is mass adoption and what we’ve created will help people comfortable with trading cryptocurrency without using real money.
While some see 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 creating a cryptocurrency in order to monetize its existing app, and it’s doing so by “inventing money.”
In a YouTube video, he makes the case that this is not the right way to monetize a company and that Telegram should have used traditional methods such as selling equity.
He also said that GRAM is “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.
It will be interesting to watch how the situation develops and whether or not GRAM sees actual adoption and usage.