PRESS: Telegram aims to create blockchain platform to rival Visa

MOSCOW, Jan 10 (PRIME) -- Messenger Telegram, founded by Pavel Durov, wants to create a blockchain platform Telegram Open Network (TON) with its own cryptocurrency to compete with Visa and MasterCard, business daily Vedomosti reported on Wednesday, quoting the messenger’s white paper about an ICO.

At a preliminary stage, Telegram plans to raise U.S. $500 million to develop the network and buy equipment.

The messenger’s coins will be called Grams and they will circulate on the platform. The coins will be the main currency for Telegram’s internal economy, but will be also available for external users.

Telegram says that the existing blockchain platforms cannot replace the payment infrastructure of Visa or MasterCard. Transactions with such cryptocurrencies as the bitcoin or the ethereum are carried out very slowly. Ordinary users are frustrated when trying to work with cryptocurrencies, which are now in demand among investors, rather than consumers.

The messenger will create the platform that can be compared to a decentralized supercomputer and a system of money remittance. Telegram will use its experience in creation of user-friendly interfaces that will allow millions of users to understand the tool to use cryptocurrencies intuitively.

Telegram’s audience currently counts 150 million people and will reach 1 billion by January 2022.

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