Business & Finance

Telegram Launched Test Crytpo Wallet Despite SEC Lawsuit

Telegram, the platform famous for its encrypted peer-to-peer messaging services, had been in the news for endeavoring to enter the blockchain and crypto sphere for quite some time. Now the platform just launched an early desktop wallet for its native gram token dubbed Gram Wallet.

According to reports, Telegram’s crypto wallet became available for macOS, Windows and Ubuntu in testing mode, with the source code published on GitHub on November 1st. The Gram Wallet works upon the Telegram Open Network (TON) blockchain and can be downloaded from the platform’s official website.

With the early version of the wallet, the prospective user will be able to create addresses as well as receive private keys. They furthermore will have the ability to request and test Gram tokens in the app through a specially designed Telegram bot called TestTonBot.

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What the TonBot will do is invite the users of the platform to test out the service by forwarding a request for 5 to 20 Gram tokens to the crypto address on the app. The user stays notified with the status of the requested Gram tokens throughout the process, right from the point where the tokens are requested down to the request execution and the final crediting of the test Grams in the user’s wallet.

Reportedly, the test transactions only take a few minutes but that could take longer in case of high traffic on the app. The users, however, will have to save 24 seed words and create a password for payments, in order to receive and send Grams via their Gram wallet, according to Telegram’s official website. Once this prerequisite has been met the app greets the new users with,

Now you have a wallet only you control – directly, without middlemen or bankers

Details regarding the transactions will be visible on the TON testnet explorer, allowing users to keep a track of, transaction time and amount as well as the TestTonBot’s wallet address (sender) and the last recorded transaction.

The release of the early version of Telegram’s crypto wallet comes as a surprise because previous reports openly suggested postponement of the launch due to the lawsuit filed by the U.S. Securities and Exchange Commission (SEC).

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Earlier in October the SEC deemed grams to be unregistered securities and asked the court to prevent Telegram from delivering tokens to investors. After which the platform got approval from the investors to delay the launch until April next year, which would give them plenty of time to clear the messy situation with the regulatory authority. According to reports, the company is going to meet the SEC in court on February 18 and 19, 2020, in New York.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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