In recent weeks, news has been circulating on the web about the imminent debut of the Telegram (GRAM) token, which is expected to be launched as early as October 2019. Among the many personalities in the industry, there was also a comment from trader and analyst Tone Vays, who said that GRAM is “a little scammy“.
The well-known messaging application conducted its own private ICO last year, though the true amount of capital raised by the various private financing rounds was never specified.
Last week the New York Times reported – citing a report for private investors – that the public sale of the GRAM token would start next October, following the actual debut of the Telegram token. Apparently, however, Tone Vays didn’t like the idea of Telegram, which he defined as a way to make easy money.
Tone Vays: Telegram GRAM is a scam
According to the words of the trader, GRAM, the Telegram token, is a real scam, as it is a simple attempt to use cryptocurrencies to monetise the application, thus creating money from nothing.
For Tone Vays, in fact, this is not the correct method to obtain liquidity, as it would have been more appropriate to use traditional methods, including the sale of shares, for example.
“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”.
Debut in October or November
The GRAM token is now just over a month away and will obviously be integrated and made usable within the Telegram application.
To date, in fact, the messaging app has more than 300 million users, who could easily become potential users of the cryptocurrency.
At first, an application will be made available that can act both as a non-custodial wallet for the GRAM token, and as an exchange, with the possibility of trading the most popular cryptocurrencies, including bitcoin of course.
The app, called Button Wallet, will debut on the Telegram Open Network (TON), allowing everyone to test the project and service for free.
This initiative is expected to strongly encourage the use and adoption of cryptocurrencies, given the target audience to which the service will be offered.