Popular messaging platform Telegram plans to launch its own cryptocurrency, Gram, before the end of October, reports the New York Times.
According to three anonymous investors, they were told that the plan is to send out these coins within the next two months.
Rumours suggest that if Telegram doesn’t launch its cryptocurrency by the end of October, investment totalling $1.7-billion into the cryptocurrency will be forfeited by law.
The anonymous investors also said that users will store their Gram within a dedicated digital wallet, which Telegram will offer to all of its users.
Telegram still plans to launch its own digital token following controversy around Facebook’s Libra cryptocurrency, which has seen opposition from various parties.